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Strong retail consumer demand, as well as participation from institutional players, has helped Blockchain.com to boost its topline revenue in recent years.
Top crypto firms in the market are mulling for public listing and crypto exchange and wallet service provider Blockchain.com is the latest to join the fray. Company CFO Macrina Kgil has confirmed that the public listing could happen by 2023.
The recent confirmation from Kgil came during her recent interview with Forbes on Monday, August 30. She also suggested a tentative deadline of 18 months or a bit higher for the public listing.
After the $300 million in fundraising earlier in March 2021, Blockchain.com’s valuations stood at $5.2 billion. Just a month before in February, the company had raised $120 million.
The latest decision comes on the backdrop of a major milestone achieved by the exchange. In a blog post on Monday, August 30, Kgil said that Blockchain.com has surpassed over $1trillion in crypto transactions.
Blockchain.com on the Crypto Market: Key Growth Drivers
The crypto exchange attained this milestone in less than a decade since its inception in 2012. So far, the crypto exchange alone accounts for a third of all the Bitcoin transactions of which a majority has been processed by Blockchain.com Wallets over the last two years. The company CFO also explained three major drivers behind this growth.
- First is a retail customer base with over 76 million wallets.
- Second is the explosive growth of Blockchain.com in the institutional market business. the growing demand from institutional players has forced the exchange to support a new asset class.
- The third is the brokerage and exchange business driven by strong consumer demand.
Blockchain.com CFO Macrina Kgil further added:
“What makes Blockchain.com unique is that we have a thriving business in three key parts of the market. With diverse sources of revenue, great products to meet consumer demand, and a team in place we’re confident we’ll see sustained growth for years to come”.
A number of other crypto exchanges have been opting for public listing. Crypto exchange Coinbase Global Inc (NASDAQ: COIN) was among the first to begin. Coinbase went for a public listing earlier in April 2021.
Another popular crypto exchange Kraken was also mulling for a public listing plan by 2022. However, it has shifted its focus to a direct listing rather than taking the IPO route. Another crypto trading platform Circle is also working on a similar plan.