Cryptocurrency Firm Blockchain.com Raises $300 Million

Cryptocurrency services provider, Blockchain.com announced today that the company has secured $300 million in a Series C funding round at a valuation of $5.2 billion.

According to the official announcement by Peter Smith, the CEO of Blockchain.com, the latest funding round was led by DST Global, Lightspeed Venture Partners and VY Capital. The cryptocurrency firm mentioned that the company’s existing investors participated in the Series C funding round.

Blockchain.com secured $120 million funding in February 2021 for strategic growth with participation from Moore Strategic Ventures (Louis Bacon), Kyle Bass, Access Industries, Rovida Advisors and Lightspeed Venture Partners.

“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. I couldn’t be more proud of the team, I couldn’t be more optimistic about the future of Blockchain.com, our products and our brand to meet this moment,” Smith mentioned in the official announcement.

The cryptocurrency platform announced earlier this month that Jim Messina, the former White House Deputy Chief of Staff, has joined the company’s Board of Directors.

Cryptocurrency Demand

The overall market cap of cryptocurrency assets has jumped by more than $1 trillion in the last 12 weeks. Significant retail and institutional demand for Bitcoin and other digital currencies have contributed a lot towards the rise in demand for cryptocurrency wallets. Blockchain.com mentioned that the company has seen substantial growth in the last 12 months. The cryptocurrency wallet provider announced that it has more than 31 million verified users in 200 countries.

“While Blockchain.com is highly profitable across each of our business lines (having surpassed all of 2020 contribution margin in the first 2 months of 2021) we believe that our new partners, who have experience in supporting companies during times of hyper-growth are the perfect complement to our recent addition of some of the best macro investors, like Louis Bacon and Kyle Bass,” the company added.

(Photo: Blockchain.com)

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