Blockchain.com, the London-based crypto exchange, generated $110 million in a Series E funding round. In a November 14 press release, the completed funding round was led by Kingsway Capital in partnership with other tech and crypto firms. Other key participants in the funding round included Baillie Gifford, Coinbase Venture, and Lakestar.
A series E funding round is the fifth fundraising to support the firm’s financial stability. A source privy to the information stated that the Series E funding round was critical in restoring the firm’s financial capabilities.
Blockchain.com Secures $110M in a Fresh Funding Round
As of March 2023, Blockchain.com was valued at around $14 billion. The report indicates that since 2011, Blockchain.com has witnessed massive growth in terms of customer base and revenue.
A review of the Blockchain.com website depicts that the crypto exchange has facilitated over $1 trillion in transactions. Also, Blockchain.com boasts of serving around 90 million users.
From its past achievements, the crypto exchange has been championing for massive crypto adoption by offering industry-leading products and services. Its product offering propelled Blockchain.com to gain considerable market share in the US, Europe, and Africa by providing a user-friendly crypto wallets.
However, to attain the desired level of success, the crypto exchange has conducted multiple funding rounds to optimize the business operation. The report indicates that Blockchain.com generated $490 million last year in a funding round led by Kingsway Capital.
Overview of Blockchain.com Global Expansion Plan
The fundraising aimed at supporting the crypto exchange to broaden its operation to crypto-friendly countries such as Singapore. In October, Blockchain.com obtained an operating license in Singapore to offer regional payment solutions.
Despite the interesting growth, Blockchain.com was among the crypto firms struck by the aftermaths of the FTX implosion.
Before the collapse of the Bahamian crypto exchange, Blockchain.com lent $270 million to the now-defunct crypto lender Three Arrow. In 2022, the Three Arrow team failed to settle the loan, exposing Blockchain.com to financial difficulties. The loan default of 3AC forced Blockchain.com to re-evaluate its investing and operation strategies.
Strategies Adopted to Navigate the Bear CryptoMarket
In July last year, the Blockchain.com team slashed its staff count by 25% and reduced the employee’s wages, citing the bumpy crypto winter and economic slowdown. At that time, the crypto exchange suspended its global expansion plan in various jurisdictions.
Additionally, the Blockchain.com team revealed plans to indefinitely suspend its lending business unit and ditch the intended mergers and acquisition deals. The report indicates that the Blockchain.com team announced plans to abandon the expansion of its non-fungible token (NFT) marketplace.