Blockchain.com plans to use the secured funds to support its growing Institutional Market business.
Popular crypto wallet and data provider Blockchain.com has secured $120 Million in a funding round led by several macro investors. The firm revealed details of the funding round in a report released on the 17th of February.
According to Blockchain.com, the funding round was led by notable macro investors from over the world. The investors include Google Ventures, Lakestar, Kyle Bass, and Rovida Advisors. Others are Moore Strategic Ventures (Louis Bacon), Access Industries, Lightspeed Venture Partners, Eldridge, and more.
Blockchain.com CEO, Peter Smith, commented:
“The fact that the best macro investors in the world participated in our latest fundraise is further proof that institutions are taking a serious look at their crypto strategy.”
Blockchain.com plans to use the secured funds to support its growing Institutional Market business. Although the firm’s main business is its crypto wallet, Blockchain.com said the Institutional Markets business is “growing exponentially.” The firm noted that returns from its institutional business could cover operating costs for its entire business.
According to Crunchbase, Blockchain.com has secured a total of $190 million over 5 funding rounds.
Blockchain.com Previous Funding Rounds
The firm announced its first financing round – convertible Note – on the 13th of August, 2014. Shortly after, Blockchain.com conducted its Series A funding round in October 2014. In addition, the firm held its Series B round in mid-2017. Blockchain.com raised a total of $70 million in Series A and B funding rounds. The firm also announced another funding round on the 27th of March, 2019.
Blockchain.com’s CEO mentioned the firm’s achievements over the past years. Smith noted that there more than 65 million Blockchain.com Wallets had been created across more than 200 countries. Since 2012, 28% of all Bitcoin transactions happened on Blockchain.com, representing billions in transaction volume.
Speaking further, Smith said that investors are now attracted to cryptocurrencies. Noting that the adoption of digital assets grew at the peak of the pandemic, the CEO added:
“More like ever before, crypto begins to seem like the real Robin Hood of finance. A decentralized network that creates and stores value for anyone with a mobile device and an internet connection. Companies are adding Bitcoin to their balance sheets, central banks are taking notice of the innovations in DeFi, and we’re seeing all time high after all-time high.”
As Smith said, several companies are beginning to include Bitcoin in their balance sheet. In a recent interview with CNBC’s Squawk Box, Twitter’s (NYSE: TWTR) chief financial officer (CFO) Ned Segal said that the social media network is considering a decision to add BTC to its balance sheet.
In addition, the CFO said that the company had done a lot of “upfront thinking” about paying employees and vendors in Bitcoin.
Before Segal revealed Twitter’s plan for BTC, Tesla Inc (NASDAQ: TSLA) had announced that it invested $1.5 billion in the king coin.
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