Blockchain.com Raises $110 Million at Less Than Half of Prior Valuation
There is no doubt that Blockchain wants to go public, and this round of funding may just be what is needed to get there.
Blockchain.com has raised a $110 million Series E strategic financing according to a company press release. The round was led by Kingsway Capital who also led an undisclosed round in Q3 of last year after Blockchain ran into issues around the collapse of Three Arrows Capital.
Details: Along with the fundraise, the company announced that Manny Stotz (founder and CEO of Kingsway) and Nicolas Brand (Partner at Lakestar) have joined the company’s Board of Directors.
By the numbers: In October of last year, Bloomberg reported that Blockchain was looking to raise financing at a $3-4 billion valuation – a sharp decrease from the $14 billion valuation only five months earlier.
According to Bloomberg, this latest round was raised at “less than half” of its previous $14 billion valuation.
The big picture: Although it’s currently unclear what valuation Blockchain was able to get, insiders in the know will be sure to use it as a comp for other crypto companies. Kraken, for example, was in talks to raise funding at a $20 billion valuation in 2021. That number is almost certainly significantly lower today as the company still plans to IPO.
As we wrote in April of last year, while Blockchain is one of the more interesting crypto exchanges, it is often overlooked by the general public – especially in the U.S.
Between the lines: There is no doubt that Blockchain wants to go public, and this round of funding may just be what is needed to get there.