Blockchain.com $110M Funding Round Cuts 2022 Estimate In Half: Report
Crypto exchange and wallet provider Blockchain.com has closed a $110 million Series E financing round, an investment that more than halves its previous $14 billion valuation in 2022.
In a blog post on November 14, Blockchain.com said the Series E round was led by UK-based venture capital firm Kingsway Capital. It also saw participation from Baillie Gifford, Lakestar and Coinbase Ventures, among others.
The $110 million round puts Blockchain.com at less than half of its March 2022 valuation of $14 billion, according to a Nov. 14 Bloomberg report, citing sources familiar with the matter.
In the year On March 30, 2022, Blockchain.com closed a funding round that saw its valuation increase from $5.2 billion to $14 billion, less than two months before the collapse of the Do Kwon Terra ecosystem that led to the bankruptcy of hedge fund Three Arrows Capital (3AC). ) and high-profile crypto lenders have been killed.
Blockchain.com's March 2022 funding round was led by international venture capital firm Lightspeed Ventures and Baillie Gifford & Co. – was an investment management firm known for its early involvement in growth stocks such as Tesla.
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As the new investment sees the company's valuation increase, the funding activity shows new investment interest in crypto companies, which has seen a broad increase in the digital asset's value.
Broader market enthusiasm for crypto assets is tied to several pending applications for bitcoin exchange-traded fund (ETF) products from financial firms such as BlackRock and Fidelity.
Bitcoin (BTC) has increased 116% in the past year, while major cryptocurrencies such as Ether (ETH) and Solana (SOL) have increased 61% and 300% respectively in the last 12 months.
In the year Founded in 2011, Blockchain.com has 37 million verified users with 82 million wallets and over $1 trillion in total transaction value on its platform.
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