Blockchain.com Secures $110 Million in Series E Funding

Crypto platform Blockchain.com has successfully secured a investment of $110 million in a recent Series E funding round. This round saw the participation of renowned firms such as Baillie Gifford, Lakestar, LSVP, and notably Coinbase Ventures. Kingsway Capital, with Manny Stotz at its helm and managing assets worth $5 billion, led this round of funding.

The journey of Blockchain.com, initially launched as Blockchain.info in 2011, is noteworthy. Starting as a blockchain explorer tool, it allowed the public to scrutinize bitcoin transactions. Moreover, it provided a pivotal API for developers, facilitating the creation of new applications on the Bitcoin platform. Recognizing the growing need in the digital asset space, the company also developed a widely used cryptocurrency wallet. This move significantly eased the way early adopters interacted with and managed their digital assets.

Blockchain.com’s impact over the past decade is immense. The platform has facilitated over $1 trillion in transactions and currently services more than 90 million crypto wallets. Before this funding round, the company had already raised a substantial $490 million in venture capital, with a notable $300 million raised in March 2021 alone.

The recent investment comes at a time when the cryptocurrency market faces a downturn, following the collapse of several major firms, including FTX. Despite these market challenges, Blockchain.com has reported an impressive 1,500% growth in revenue over the past four years, a rate that surpasses many in the industry.

With the new influx of capital, the company plans to continue its expansion and innovation in the crypto space. The funding also brings strategic board additions. Manny Stotz of Kingsway Capital and Nicolas Brand from Lakestar, with two decades of experience in finance and a focus on the nexus of finance, blockchain, and technology, will join Blockchain.com’s board.