Blockchain.com to expand internationally, boosting workforce by 25%

Blockchain.com to Expand Workforce and Enter New Markets

Blockchain.com, a leading cryptocurrency platform, has announced its plans to increase its workforce by 25% in early 2024 as part of its strategic expansion into new markets such as Nigeria and Turkey. To spearhead this expansion, the company has appointed Curtis Ting, formerly the head of global operations at Kraken.

Establishing a New Hub in Paris

Ting’s primary role will be to establish Blockchain.com’s new hub in Paris and form localized entities across Europe. Currently, the company’s European operations are centralized in London, but this move will allow for diversification of its presence across the continent.

Pursuing Local Licenses for Regulatory Compliance

In an interview with Bloomberg, Blockchain.com CEO Peter Smith revealed the company’s intentions to pursue additional local licenses to ensure compliance with regional regulatory frameworks. This demonstrates the company’s commitment to operating within the legal boundaries of each market it enters.

Expanding Workforce and Recovering from Crypto Winter

With approximately 300 employees currently, Blockchain.com’s workforce will significantly increase with its expansion into Nigeria and Turkey. This decision comes at a time when the crypto industry is actively recovering from the impact of the previous bear market.

Strategic Financing Round and Adjusted Valuation

In a recent series E strategic financing round led by Kingsway Capital, Blockchain.com secured $110 million in investment. This funding has adjusted the company’s valuation to less than half of its peak value of $14 billion in early 2022.

Hot Take: Blockchain.com Expands Workforce and Market Reach

Blockchain.com is taking significant steps towards expanding its market reach by increasing its workforce and entering new markets. By appointing Curtis Ting and establishing a hub in Paris, the company is positioning itself for further growth in Europe. Additionally, the pursuit of local licenses demonstrates its commitment to regulatory compliance.