Funding Milestone
In a stunning twist of events that would make any venture capitalist break into a dance, Blockchain.com has reportedly raised new funding, pushing its valuation up from a mere $5.2 billion to a jaw-dropping $14 billion. This dramatic increase was fueled by investment giants Lightspeed Ventures and Baillie Gifford & Co. While the the total amount of this funding remains under wraps, it’s reminiscent of a magician keeping their best tricks a secret.
From Humble Beginnings
Founded in 2011, Blockchain.com has become a heavyweight in the cryptocurrency arena. With a user base that boasts 37 million verified users and 82 million wallets, the firm handles over $1 trillion in transactions. Talk about a serious cryptocurrency party! They offer everything from standard crypto wallets to specialized institutional products, making them a one-stop shop for blockchain-based financial services.
The Investment Landscape
Blockchain.com isn’t new to the investment scene. Back in April last year, it made headlines for securing a staggering $100 million investment from Baillie Gifford & Co., which at that moment was the largest single investment the company had ever received. They must have felt like they just won the crypto lottery!
Previous Funding Highlights
Before this latest round, Blockchain.com saw its last major funding round in March 2021, wherein it bagged $300 million with the help of heavies like DST Global Partners and Lightspeed Venture Partners. With a series of funding rounds under its belt, the company isn’t just a flash in the pan; it’s a serious contender in the blockchain space.
Withdrawal from the UK’s FCA Temporary Register
In a surprising turn of events, Blockchain.com announced it would withdraw from the UK’s Financial Conduct Authority’s (FCA) temporary register for crypto assets. Firms had to get AML approval or cease trading by Thursday—seems like they opted for a European vacation instead! They’ve decided to operate through a Lithuanian registration, safer than a life vest on a sinking ship. This move follows a trend of companies seeking to operate under more favorable jurisdictions, with BC2C also switching gears towards US operations.
