Blockchain.com Raising Funds For Assisting Macro Institutional Businesses.

Blockchain.com Raising Funds For Assisting Macro Institutional Businesses.

2021-02-17 | Robin Williams

Blockchain.com Raising Funds For Assisting Macro Institutional Businesses.

Several recorded macro investments joined the round, along with Moore Strategic Ventures, Access Ventures, Rovida Advisors, Lightspeed Venture Partners, Google’s investment spin-off GV, Lakestar, Eldridge, Hayman Capital’s Kyle Bass along with others. The funding will be employed to bolster Blockchain.com’s hiked Institutional Markets business. The firm recently expanded its suite and commenced offering cryptocurrency custody, trade execution & lending services tailored for institutional investors. Blockchain.com’s primary business was a multi-crypto wallet, that processed 28% of all Bitcoin [BTC] transactions, the firm revealed. Since then, the firm has launched an exchange and a successful cryptocurrency lending service. Its institutional business is “growing exponentially” and has become significant enough to hide the company’s entire business expenses than some, though the cryptocurrency wallet remains its core product. As per Blockchain.com CEO, Peter Smith, the investment from major traditional finance funds illustrates the shift of perception towards crypto assets. “Paradigm shifts like crypto can feel to the world as if they happened overnight,” he added within his official Twitter thread, “But for those folks working day in and outing to create technology and innovation in cryptocurrencies, this has been an extended time coming.” In line with Crunchbase data, the firm had collected a sum of $70 Mln in funding in earlier Series A and B rounds, with the latter occurring in 2017. Today’s $120 Mln investment represents a big hike from past investment rounds, though the firm didn't actually disclose its implied valuation. Renowned cryptocurrency wallet and data provider Blockchain.com revealed on Wednesday that it raised a $120 Mln funding round that follows its earlier Series B round for $40 Mln.

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