Connect with us

Hi, what are you looking for?

Economy

Blockchain.com Receives $110 Million in Series E Funding Led by Kingsway Capital

Source: Blockchain.com

The crypto exchange Blockchain.com has successfully raised $110 million in its latest Series E funding round. This substantial financial boost was led by Kingsway Capital, a UK-based investment management firm.

Alongside Kingsway Capital, the Series E round saw participation from several notable firms, including Baillie Gifford, Lakestar, LSVP, GV, Access Industries, Moore Capital, Prudence, Freeman Capital, Coinbase Ventures, and Pledge Ventures. In the meantime, Manny Stotz, CEO of Kingsway Capitaland, and Nicolas Brand, Partner of Lakestar, have joined the Blockchain.com Board of Directors,

This round of financing resets Blockchain.com’s market valuation, which now sits at less than $7 billion, according to Bloomberg’s conversation with a person familiar with the matter. This figure contrasts with the $14 billion valuation the company achieved in March 2022. Just before the major crises in the blockchain and crypto industry, the company completed a Series D funding round including Baillie Gifford and Lightspeed Venture Partners. This previous round valued Blockchain.com at $14 billion, up from $5.2 billion.

Blockchain.com’s Response to Crypto Winter

Blockchain.com, established as an early player in the cryptocurrency exchange domain, has been pivotal in shaping the digital asset economy. Renowned for its trading platform and crypto wallet, the company facilitates a range of crypto transactions, catering to both individual and institutional clients. But the crypto winter hit hard.

In July 2022, Blockchain.com announced that it would close their Argentina-based offices and halt expansion plans in several other countries. The company later decided to lay off 25% of its workforce, approximately 150 employees, in the same month due to the financial losses caused by the harsh bear market.

In addition, Blockchain.com CEO Peter Smith said in a letter to shareholders that the failed Three Arrows Capital (3AC) was “rapidly becoming insolvent and the default impact is approximately [USD] 270 million worth of cryptocurrency and US dollar loans from Blockchain.com.”

The post Blockchain.com Receives $110 Million in Series E Funding Led by Kingsway Capital appeared first on Cryptonews.

You May Also Like

Investing

Fisker (NYSE: FSR) stock price has been one of the best-performing electric vehicle (EV) stocks this week even as Tesla slumped. The shares jumped...

Investing

Newmont (NYSE: NEM) reported mixed financial results even as the price of gold approached its all-time high. In all, the company’s earnings per share...

Investing

The Fox Corporation (NASDAQ: FOX) stock price has been under pressure as investors come to terms with the abrupt firing of Tucker Carlson. The...

Investing

NatWest (LON: NWG) share price rose sharply, helped by the strong results from Barclays. The stock jumped to a high of 274.8p, which was...




Disclaimer: Oldamericanbroker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the-company.


Copyright © 2023 Oldamericanbroker.com