Blockchain.com has become the latest crypto company to see a valuation cut in its latest $110 million Series-E funding round. According to Bloomberg, the company was valued at less than half its last valuation of $14 billion. However, the official announcement did not reveal the current valuation.
Another Funding Round of Blockchain.com
The United Kingdom-based venture capital firm Kingsway Capital, an existing investor in Blockchain.com, led the latest funding round. Other companies participating in the round include Baillie Gifford, Lakestar, Lightspeed Venture Partners, and Coinbase Ventures.
After the latest round, Blockchain.com is adding the Founder and CEO of Kingsway, Manny Stotz, and Lakestar’s Partner, Nicolas Brand, to its Board.
Blockchain.com was established in 2011 as a crypto wallet platform. It later added crypto exchange services and has grown into a major platform. According to the company, nearly 33 percent of all Bitcoin transactions are made through wallets managed by Blockchain.com. Its website shows over 90 million Blockchain.com wallets were created with 40 million verified users. Over $1 trillion worth of crypto assets were transacted through Blockchain.com.
Valuation Takes a Massive Dent
In its previous funding round that closed last year in March, Blockchain.com was valued at $14 billion. The company was valued at $5.2 billion in the previous year when it raised $300 million. The crypto company has raised $600 million to date, as seen on Crunchbase.
Meanwhile, Blockchain.com is expanding its global reach. In recent years, it has received regulatory approvals in several jurisdictions, including Singapore and Dubai. It is also operating in many other countries with local licenses.
Despite the developments, the company additionally witnessed some setbacks. It had massive exposure to 3AC, as it loaned the collapsed company about $270 million. The company further laid off 25 percent of its staff, roughly 150 employees, last year.
This article was written by Arnab Shome at www.financemagnates.com.
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