Key Points:
The funding was spearheaded by UK-based Kingsway Capital, underscoring the growing interest in digital assets.
Notable participants in the equity round include Baillie Gifford, Lakestar, Lightspeed Venture Partners, Coinbase Ventures, and other influential investors. As part of the strategic financing in this Series E round, Blockchain.com is welcoming two new board members from Kingsway and Lakestar.
Despite a recent valuation dip, the company’s current value, post-funding, is positioned at less than half of its impressive $14 billion valuation in the spring of 2022. This information comes from an anonymous source close to the matter.
Blockchain.com had previously secured strategic financing from investors like Kingsway Capital last fall. However, the crypto market experienced a series of crises in March 2022, impacting valuations across the board. Blockchain.com, nevertheless, managed to complete a funding round just before the downturn, doubling its estimated worth to $14 billion. Baillie Gifford and Lightspeed Venture Partners were among the participants in that round.
Facing challenges common to the crypto industry, Blockchain.com revealed exposure to the Three Arrows Capital hedge fund collapse and underwent staff layoffs. The broader crypto market has witnessed a recovery this year, with Bitcoin’s price surging, driven by optimism surrounding the potential approval of a Bitcoin ETF. This positive trend is mirrored in the establishment of new crypto-focused funds, signaling a thaw in venture-capital investments targeting the crypto sector.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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