Blockchain.com, a crypto wallet, and exchange platform has raised $300 million in a Series C funding round taking their overall valuation to $5.2 billion. The funding round was led by DST Global, Lightspeed Venture Partners, and VY Capital along with several existing investors.
The recent fundraising by the crypto firm was also the third-largest in the crypto world, only behind Blockfi which raised $350 million only a couple of weeks ago, and Bitmain that raised $400 million back in 2018.
— Peter Smith (@OneMorePeter) March 24, 2021
Blockhain.com’s valuation has grown by more than $2 billion in just over a month rising from $3 billion in February to $5.2 billion today.
The crypto platform plans to utilize the capital to expand its services and workforce to keep up with the growing demand for crypto services in 2021.
Peter Smith CEO and Co-Founder of Blockchain.com in a blog post wrote,
“We continue to be honored by the trust our consumer and institutional clients put in us each day. Over 31M verified users in over 200 countries use our products, and we’ve seen a 3x increase in active users over the past 12 months alone.”
“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.”
The recent slew of high valuation fundraise by crypto firms is an indication of growing crypto demand in the market. The crypto funding has dipped from $4.5 billion in 2017 to just over $2 billion in 2020 due to the prolonged winter market. However, 2021 could shatter all previous records as crypto companies seem to be the hottest product in the financial market.
Apart from a couple of high-value fundraise by crypto firms, many including Coinbase and Bakkt are also going public this year. Coinbase is set to debut with a $100 billion valuation.
Blockchain.com Considering Going Public?
The competition of Series C funding round put Blockchain.com among the top tier crypto companies thus raising the important question of their public debut. Smith said that the firm is currently closed following the Coinbase Nasdaq listing which was recently postponed due to a CFTC investigation against the exchange.