Blockchain.com funding was led by DST Global, Lightspeed Venture Partners and VY Capital.
Blockchain.com, a global cryptocurrency exchange with other crypto-focused services, has raised $300 million from private investors bringing its market valuation to $5.2 billion according to Wall Street Journal. Notably, WSJ also noted that the Blockchain.com funding was led by DST Global, Lightspeed Venture Partners, and VY Capital.
Blockchain.com was founded back in 2011 and has over time been involved in several fundings. Back in 2014, the company closed a $30.5 million fundraising round led by Lightspeed Venture Partners and Mosaic Ventures. Last month, the company closed another funding with $120 million. Notably, the fundraising was led by Moore Strategic Ventures, Kyle Bass, Access Industries, Rovida Advisors, Lightspeed Venture Partners, GV, Lakestar, Eldridge.
Blockchain.com and Its Achievements that Push Its Valuation Higher
Besides crypto exchange capabilities, Blockchain.com also provides users with a crypto wallet, market information, data charts, and crypto statistics. As a result, it has gained more customers over time becoming a major crypto company in the industry.
The company works with over 70 crypto wallets and has facilitated $620 billion in transactions alone since 2013. Besides, the firm serves over 65 million global customers spanning over 200 countries.
The funds are expected to further help the company reach more global customers as the crypto industry scales to a whole new dimension. The digital assets industry led by Bitcoin and Ethereum has jumped significantly since the coronavirus was declared a global pandemic.
Furthermore, notable companies led by Tesla and MicroStrategy, have adopted Bitcoin in their balance sheet. As institutional investors flock into the crypto market, established crypto firms are expected to scale their services to meet the demand.
Venture capitals and family offices are seeking alternative investment and it turns out technology-oriented companies are winning the day. As more money flows into the crypto market, it is expected that governments will step in to regulate the entire space perhaps in a unanimous decision.
However, some jurisdictions like India among others are seeking to go a different direction by banning crypto trading and offering government-controlled digital currencies.
According to a medium post by Peter Smith a co-founder at blockchain.com, the firm will launch new products besides expanding its services. “With one of the most significant balance sheets in the industry, we plan to aggressively expand the products we offer our customers, grow our global team, and pursue M&A opportunities to bring exciting new products and ideas into the company,” Smith noted.
Blockchain.com recently announced that Jim Messina, who served as President Obama’s campaign manager in 2012 and then served as the White House Deputy Chief of Staff, has joined the company’s board of directors.