Financial services fund and startup Blockchain.com raised fresh funding that pegs the company’s value at around $14 billion. It is more than double its present worth and is a firm indication that cryptocurrency firms are still favored by investors despite the turbulent venture capital markets.
This current round of financing has pushed Blockchain.com into the ranks of the most valuable companies. The funding was headed by venture capital fund Lightspeed Venture Partners and had the major participation of Baillie Gifford and Company, according to sources on Blockchain.com.
Baillie Gifford and Lightspeed representative were not immediately available for comment. Baillie was famous for its initial involvement in high-growth stocks, including Tesla.
The recent round of funding pushed the valuation of the firm from $5.2B to $14B. The number of funds pumped in by the two VCs remains unknown.
In another big round of funding, VALR.com, a South African headquartered crypto exchange firm, was valued at $240M by Pantera Capital, which backed the company in the latest round of funding.
Blockchain.com Offers Cryptocurrency Financial Services
Blockchain.com hit the headlines earlier when it secured a $100M infusion of funds from Baillie in April 2021. That round of funding was the largest investment made till then.
The last significant round of funding in Blockchain.com was last year in March. This Series C funding round led to the firm raising $300M at a valuation of $5.2B. That round of funding was headed by Lightspeed, VY Capital, and DST Global.
Earlier, Blockchain.com had also raised $120M from multiple VCs, with the money aimed primarily at developing institutional business. Blockchain.com offers cryptocurrency financial services based on blockchain technology from its crypto-wallets and exchange platform.
The organization was formed in 2011. It was the first Bitcoin blockchain explorer. It later created a cryptocurrency wallet that accounts for around a third of all Bitcoin transactions. It provides institutional market lending data, charts, business, and analytics through its cryptocurrency exchange.