• Blockchain.com Secures $120 Million in Funding

    Cryptocurrency wallet provider Blockchain.com has picked up $120 million in funding. The Series A round featured participation from a sizable number of investors, including Access Industries, Lightspeed Venture Partners, and GV (Google Ventures) – among others. Blockchain.com’s total capital now stands at $190 million, and gives the London, U.K.-based firm a valuation of $3 billion.

    In a blog post discussing the strategic financing, Blockchain.com CEO and co-founder Peter Smith highlighted the “immense optimism” toward cryptocurrencies displayed by a growing number of “serious, institutional investors.” He noted that the presence of major macro investors such as Louis Bacon’s Moore Strategic Ventures and Kyle Bass in Blockchain.com’s recent funding, and said it was “further proof that institutions are taking a serious look at their crypto strategy.”

    And at Blockchain.com’s crypto strategy, as well. Smith noted that when the company began its Series A in 2014 – the same year it debuted at our developers conference, FinDEVr Silicon Valley – the company was powering “just over” two million bitcoin wallets. Today Blockchain.com powers more than 67 million wallets, representing more than $620 billion in transactions. Since 2012, Smith wrote “28% of all Bitcoin transactions … have occurred via Blockchain.com.”

    Founded in 2011, Blockchain.com began by offering a blockchain information service, Explorer, and soon after introduced an open source bitcoin wallet to make it easier for investors to buy and sell cryptocurrencies. The company also unveiled Blockchain APIs that helped give a generation of bitcoin businesses the ability to provide services ranging from bitcoin wallet building to transaction verification.

    Blockchain currently supports a cryptocurrency exchange, as well as an “exponentially growing” institutional business of digital asset trading, lending, and custody. Smith added that while the wallet remains “at the core” of Blockchain.com’s business, “our Institutional business is now significant enough to cover the entire operating cost of the business globally” in addition to providing further operating profits.

    Photo by Joey Kyber from Pexels

    The post Blockchain.com Secures $120 Million in Funding appeared first on Finovate.

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