Blockchain.com, a famous crypto wallet and data provider, Blockchain.com announced that it has raised a $120-million funding round that follows its earlier Series B round for $40 million. Various significant macro investment funds participated in the round. It involves Moore Strategic Ventures, Access Ventures, Rovida Advisors, Lightspeed Venture Partners, Google Ventures, Lakestar, Eldridge, Hayman Capital’s Kyle Bass, and others. To date, Blockchain.com has raised $190 million. Moreover, the company did not reveal its recent valuation.
Blockchain.com will employ the fund to develop institutional market business. The company recently expanded its suite and started rendering crypto custody, trade execution, and lending services tailored for institutional investors. Blockchain.com’s significant business was a multi-cryptocurrency wallet, which processed 28% of all Bitcoin transactions, the company advocated. Moving forth, the company has introduced an exchange and a prosperous crypto lending service.
Blockchain.com witnesses prominent growth in its institutional businesses
Established in 2011, Blockchain.com has become a leading wallet service in the industry. Moreover, it has 67 million wallets promoting $600 billion in transactions. The company also owns a crypto lending service, an exchange, a hardware wallet, a blockchain explorer, and a blockchain developers’ API platform. Its institutional business expands exponentially and has become significant enough to incorporate its entire business costs. Although, the crypto wallet remains its core product.
As per the company, institutional investors’ funding reveals the transformation of the crypto sector and the new business opportunities accessible in the space. Moreover, as more investors drive net inflows into digital assets, crypto service providers like Blockchain.com may witness similar investments in the future. According to Blockchain.com’s CEO, Peter Smith, the investment from significant conventional finance funds represents the shift in perception toward cryptocurrencies.
The leading cryptocurrency, Bitcoin, has witnessed massive interest from institutional investors and tech companies. MicroStrategy, Tesla, Ruffer, Grayscale, Square, and several others are investing billions of dollars into Bitcoin. Moreover, the institutional interest has been a significant catalyst in the continuing bullish cycle. It has seen Bitcoin prices exceeding $50,000 and a trillion dollars market capitalization.
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