Cryptocurrency platform Blockchain.com announced Tuesday that it has raised $110 million in a new funding round led by Kingsway Capital. The Series E raise includes participation from major firms such as Baillie Gifford, Lakestar, LSVP and Coinbase Ventures.
Kingsway Capital was founded by Manny Stotz with $5 billion under management.
Blockchain.com started as Blockchain.info in 2011 as a blockchain browser tool, offering an API that allows anyone to analyze bitcoin transactions and developers to build on top of Bitcoin. The company created one of the most widely used cryptocurrency wallets, enabling early crypto adopters to easily manage their digital assets.
In more than a decade of operation, Blockchain.com has handled over $1 trillion in lifetime transactions and today powers over 90 million crypto wallets. It has previously raised $490 million in venture capital funding, including $300 million in March 2021.
The new round of funding comes despite months of crypto bear market fueled by the collapse of several major companies, including FTX. Blockchain.com's revenue has grown 1,500% over the past four years, outpacing the broader industry.
As part of the deal, Stotz and Lakestar partner Nicholas Brandt will join Blockchain.com's board of directors. Brand has spent the past 20 years in the finance industry, building businesses at the intersection of finance, blockchain and technology.
The company is licensed in various jurisdictions to ensure regulatory compliance amid ongoing government scrutiny of cryptocurrencies.
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