Blockchain.com Raises $110 Million in Series E Funding
Leading crypto exchange Blockchain.com has announced the successful completion of a significant $110 million Series E funding round. The funding was led by Kingsway Capital, with participation from renowned companies such as Baillie Gifford, Lakestar, LSVP, and Coinbase Ventures.
Founded in 2011 as Blockchain.info, the company has evolved from a blockchain exploration tool to a provider of wallets and cryptocurrency exchanges, supporting over 90 million wallets worldwide.
Despite the recent challenges associated with the bear market, Blockchain.com has experienced impressive growth, with a staggering 1,500% increase in revenue over the past four years.
Blockchain.com’s Valuation Halved
While the revenue growth is commendable, Blockchain.com’s valuation has reportedly dropped below $7 billion according to Bloomberg, a significant decrease from its $14 billion valuation in March 2022.
This decline follows various challenges, including a $270 million loss due to the collapse of Three Arrows Capital in 2021.
In response, the company has implemented measures such as a 25% workforce reduction, closure of its Argentina office, and a decrease in CEO compensation. These actions reflect Blockchain.com’s efforts to navigate the demanding market conditions.