Cryptocurrency Platform Blockchain.com Raises $110 Million in New Funding
Cryptocurrency platform Blockchain.com has announced that it recently secured $110 million in a new funding round, with Kingsway Capital leading the Series E raise. Other major firms such as Baillie Gifford, Lakestar, LSVP, and Coinbase Ventures also participated in the funding round.
Kingsway Capital, founded by Manny Stotz and managing $5 billion in assets, is a key player in this round of funding. Blockchain.com, originally launched as Blockchain.info in 2011, started as a blockchain explorer tool and has since become one of the most widely used cryptocurrency wallets.
The platform has facilitated over $1 trillion in lifetime transactions and currently serves more than 90 million crypto wallets. Despite the recent crypto bear market, Blockchain.com’s revenue has seen significant growth, outpacing the broader industry by 1,500% over the last four years.
New Board Members and Regulatory Compliance
As part of the funding deal, Manny Stotz and Nicolas Brand from Lakestar will join Blockchain.com’s board of directors. Brand brings over 20 years of experience in finance and specializes in building businesses at the intersection of finance, blockchain, and technology.
Blockchain.com holds licensing across multiple jurisdictions to ensure regulatory compliance amid ongoing government scrutiny of cryptocurrencies.
Hot Take: Blockchain.com’s Continued Growth Amidst Market Challenges
Despite the challenges posed by the recent crypto bear market, Blockchain.com’s successful funding round demonstrates its resilience and continued growth within the industry. With a focus on regulatory compliance and an expanding board of directors with extensive expertise, the platform is well-positioned for further success in the evolving cryptocurrency landscape.
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