Crypto Exchange Blockchain.com Raises $110 Million in Series E Financing
Blockchain.com, a crypto exchange, has successfully raised $110 million in Series E financing. The funding round was led by Kingsway Capital, an investment management firm based in the UK. Other participants in the funding round include Baillie Gifford, Lakestar, Lightspeed Venture Partners, Coinbase Ventures, and others.
Valuation and New Board Members
According to Bloomberg, Blockchain.com’s valuation currently stands at “less than half of” $14 billion. This is a significant drop from its previous valuation of $14 billion in March 2022 after a Series D financing round. Following the recent funding round, Manny Stotz, founder and CEO of Kingsway Capital, and Nicolas Brand, partner at Lakestar, have joined Blockchain.com’s board of investors.
Challenges and Struggles
Despite the recent success with fundraising, Blockchain.com faced challenges in the past. The company suffered a $270 million loss due to the collapse of the crypto lender Three Arrows Capital in 2021. This led to the layoff of 150 employees (25% of its staff), closure of its Argentinian office, and a reduction in CEO compensation in July 2022.
Hot Take: The Future of Blockchain.com
Despite its struggles, Blockchain.com’s successful Series E financing indicates potential growth and recovery for the company. With new funding and board members on board, the future looks promising for Blockchain.com as it seeks to navigate through challenges and capitalize on opportunities in the crypto market.
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