Image credits: Blockchain.com
London-based Blockchain.com, a crypto wallet and exchange operator, has secured $300M (approx €254M) funding in the Series C round at a post-money valuation of $5.2B(approx €4.4B).
The round was led by DST Global, VY Capital, and Lightspeed Venture Partners. The latest funding round comes just a few weeks after the company announced a $120M (approx €101M) funding that valued it at $3B (approx €2.5M). According to CB Insights, the latest funding is the third-largest in the industry’s short history.
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Peter Smith, the co-founder, says, “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 also recently appointed Jim Messina to the board of directors. Jim was President Obama’s campaign manager in 2012 and then served as the White House Deputy Chief of Staff. Furthermore, he has advised heads of state and government across the globe and business across industries.
“As a young, first-time founder, I’m always looking to bring people into the company that I can learn skills from, and I’m confident that Jim’s experience and guidance will be invaluable as we navigate the process of bringing crypto to the first billion people,” says Smith.
Founded by Benjamin Reeves, Nicolas Cary, and Peter Smith, Blockchain.com offers a crypto wallet that lets users buy, sell, hold, send, receive, and earn interest in the wallet brokerage with cryptocurrencies like bitcoin and ethereum.
The UK company offers retail trading and other services for professional investors including credit, structured products, trading, and custody.
Smith, says, “Over 31M verified users in over 200 countries used the platform and have seen a 3x increase in active users over the past 12 months alone.”
To date, the company has managed to create over 65M Wallets in over more than 200 countries. Since 2012, 28 per cent of all Bitcoin transactions have been sent or received through Blockchain.com, representing billions in transaction volume.
A few days back, Blockchain also introduced Instant Transfers, which allows users to trade, swap, or sell back into cash immediately. It is now available on iOS, Android, and Web for Gold-verified users in eligible states.
The company claims to be creating a financial system for the internet that empowers anyone in the world to control their money.
Smith concludes, “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.”
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