Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
The value of crypto financial platform Blockchain.com has now jumped more than 100% from $5.2 billion following a recent funding round.
Crypto exchange Blockchain.com hit $14 billion in valuation following a funding round led by venture capital firm Lightspeed Venture Partners. According to reports, Blockchain.com did not disclose the amount of capital raised at the round. However, the exchange and financial services company’s current valuation more than doubles its previous.
The funding round also saw investment firm Baillie Gifford & Co. as participating investor. Headquartered in Edinburgh, Scotland, the firm is popular for prior work in growth stocks such as Tesla.
Blockchain.com Funding Round Antecedency
Blockchain.com completed a Series C funding round in March last year. The Luxembourg-based crypto financial services company raised $300 million at a valuation of $5.2 billion. Venture capital and private equity firm DST Global spearheaded that round, with investing input from global tech investment firm VY Capital. Lightspeed Venture Partners also played a participatory investment role in the round. A month later, in April, Baille Gifford & Co. invested $100 million into the UK-based crypto exchange as well.
Going even further back before the Series C round in March, Blockchain.com had secured a cash injection of $120 million in February. The company conducted that exercise as part of a broader plan to grow institutional businesses. Contribution to the cause came from a vast array of venture capital firms such as Moore Strategic Ventures, Access Ventures, and Rovida Advisors. Other participating macro investment platforms were Lightspeed Venture Partners, Google investment spin-off GV, Lakestar, Eldridge, and Hayman Capital’s Kyle Bass.
Blockchain.com’s Latest Funding Round Comes on Heels of New Crypto Rally
Blockchain.com’s latest funding round and company valuation comes amid the fresh rally in Bitcoin (BTC) and several altcoins. BTC surged over the weekend and is now up by more than 12% since March 20th. Furthermore, the leading digital currency is changing hands above the $47K threshold as of press time. This is the highest it has been since essentially the turn of the new year. Across the board, similar gains have also accompanied several other popular digital currencies.
This week, Blockchain.com indicated that it would withdraw from the UK Financial Conduct Authority’s (FCA) temporary register for crypto asset licensing. The crypto firm added its name to a growing list of companies looking to exit the conduct regulator’s register. This register outlines that firms must secure approval under an anti-money-laundering (AML) scheme or discontinue operations by March 31st. Following the withdrawal, Blockchain.com now opts to function in Europe through a Lithuanian registration instead.
Founded in 2011, Blockchain.com allows users to buy and store digital tokens, including Bitcoin. In addition, the platform also offers institutional services for crypto-centric businesses and institutional clients on a variety of solutions. Such solutions include lending, trading, and custody of digital assets.
Blockchain.com currently has a verified user base of around 37 million with 82 million wallets. So far, the value of its transactions exceeds $1 trillion.