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.
Blockdaemon has received that the funding would be channeled into expansion and also increasing its current tech portfolio.
Blockdaemon has raised $155 million in a recently concluded Series B funding round that increased the blockchain infrastructure firm’s valuation to $1.3 billion. The company plans to use the generated funds to scale up in Singapore, Japan, the UK, and Germany. In addition, Blockdaemon is also looking to make key acquisitions to increase its tech stack. The funding valuation makes Blockdaemon the largest blockchain infrastructure firm in the world for node management and staking.
SoftBank Vision Fund 2 spearheaded the Series B round that comprised several other banks and asset management companies. They include Matrix Capital Management, Sapphire Ventures, and Morgan Creek Digital. Other players were Boldstart Ventures, Goldman Sachs, Greenspring Associates, Kenetic, Kraken Ventures, and Borderless Capital.
According to Blockdaemon CEO and founder Konstantin Richter, the latest injection of capital into his company is beneficial. In his own words:
“This latest large infusion of capital will ensure that we continue to revitalize existing financial infrastructure.”
In addition, Richter also stated Blockdaemon’s commitment to “a future of decentralized financial infrastructure”. He said his firm looks to speed up the ease of integration between traditional banking and the crypto ecosystem.
Oli Harris, North America head of digital assets at Goldman Sachs, also weighed in on his company’s involvement with Blockdaemon. In a statement Harris said:
”Goldman Sachs is very pleased to continue our relationship with and investment in Blockdaemon as they continue to innovate for the financial services industry. We believe Blockdaemon has a key role to play in the future of blockchain and crypto adoption.”
Blockdaemon raised $28 million in June in a Series A led by Greenspring Associates with participation from Goldman Sachs. Other investors in that round were Coinfund, CoinShares, BlockFi, Uphold, and Voyager Digital.
The Latest Funding Round by Blockdaemon Is Indicative of a Thriving Blockchain Industry
The blockchain infrastructure space is now tremendously competitive. This is due to the increasingly mainstream acceptance of crypto, most notably by traditional financial institutions.
Crypto exchange Coinbase bought blockchain infrastructure startup Bison Trails in January. In May, Alchemy closed on an $80 million Series B funding round valued at $505 million and co-led by Coatue Management. Alchemy powers most of DeFi and almost all the big NFT platforms. Also, another company, Figment, generated $50 million towards building its proof-of-stake infrastructure. Institutional investors Senator Investment Group and Liberty City Ventures led the Series B funding round with participation from other players. Some of them include Anchorage Digital, Galaxy Digital, and 10T Ventures.
There is room for added growth and enhancement in the Blockchain space. The general consensus is that the technology of the future will be decentralized. The groundbreaking and key protocols in development today will play a vital role in shaping that future. Blockdaemon continually strives to remain one of those at the vanguard of such initiatives. The company currently sports a series of industry-leading products, including a single command-line API integration.