- Blockchain.com, a cryptocurrency exchange and wallet service, has raised $110 million in a funding round led by Kingsway Capital at a valuation under half of its prior $14 billion valuation.
- The funding comes amid a challenging environment for crypto companies, but renewed investor interest as crypto prices have rebounded this year.
- Blockchain.com plans to use the capital to expand products, grow users, and navigate ongoing crypto market volatility.
Blockchain.com, a cryptocurrency exchange and wallet service, has closed a $110 million funding round led by UK-based Kingsway Capital. This latest investment is a sign that crypto-focused venture capital activity is increasing thanks to this year’s rebound in digital asset prices.
Details of the Funding Round
The equity funding round also included investments from Baillie Gifford, Lakestar, Lightspeed Venture Partners, Coinbase Ventures, and others. As part of the deal, Blockchain.com is adding two new board members from Kingsway and Lakestar.
The Series E strategic financing values Blockchain.com at less than half of its $14 billion valuation in spring 2022, according to a source familiar with the matter.
Blockchain.com’s Business
Blockchain.com operates a cryptocurrency exchange and wallet service. The company’s platform allows users to buy, sell and store digital currencies like Bitcoin.
The new funding comes amid a challenging environment for cryptocurrency companies. Many firms have laid off staff and cut costs this year following a crash in crypto prices.
However, venture capital investment in crypto startups has started to recover recently. Blockchain.com’s ability to raise over $100 million suggests renewed investor interest in the space.
The company plans to use the new capital to expand its product offerings and continue growing its user base. The funding will also help Blockchain.com navigate ongoing crypto market volatility.
