Crypto Firm Blockchain.com Closes $110M Series E Round
Blockchain.com, a crypto exchange and wallet provider, recently announced the completion of a $110 million Series E financing round. This investment resulted in a significant decrease in the company’s valuation from $14 billion in 2022 to less than half of that figure.
The funding round was led by Kingsway Capital, a venture capital firm based in the United Kingdom. Other participants included Baillie Gifford, Lakestar, and Coinbase Ventures, among others.
A Bloomberg report revealed that the $110 million raised by Blockchain.com has resulted in a valuation that is less than half of its previous $14 billion mark from March 2022.
Despite the decreased valuation, this new investment signals a renewed interest in investing in crypto companies, driven by the ongoing increase in digital asset prices. The broader market enthusiasm for crypto assets is fueled by multiple pending applications for spot Bitcoin exchange-traded fund (ETF) products from financial firms such as BlackRock and Fidelity.
Rising Crypto Market
Bitcoin (BTC) has seen a 116% increase over the last year, while other major cryptocurrencies like Ether (ETH) and Solana (SOL) have experienced respective gains of 61% and 300% over the same period.
Established in 2011, Blockchain.com boasts 37 million verified users with 82 million wallets and over $1 trillion in total transaction value across its platform.
Hot Take: Implications of Blockchain.com’s Funding Round
The significant decrease in Blockchain.com’s valuation following its latest funding round may indicate a shift in investor sentiment towards crypto companies. Despite the dip, continued growth and increased adoption of digital assets bode well for the future of these firms. As regulatory clarity improves and institutional interest grows, cryptocurrency companies are likely to attract more investments and continue expanding their market presence.
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