Blockchain.com $110M funding round halves its 2022 valuation: Report

Crypto exchange and wallet provider Blockchain.com closed a $110 million Series E financing round, an investment that more than halves its previous 2022 valuation of $14 billion.

In a Nov. 14 blog  post , Blockchain.com said the closing of its Series E round was led by the United Kingdom-based venture capital firm Kingsway Capital. It also saw participation from Baillie Gifford, Lakestar and Coinbase Ventures, among others.

A Nov. 14 Bloomberg  report  citing sources familiar with the matter said the $110 million round places Blockchain.com at less than half of its $14 billion valuation from March 2022.

On March 30, 2022, Blockchain.com  closed a funding round that saw its valuation  spike from $5.2 billion to $14 billion, less than two months before  the collapse of Do Kwon’s Terra ecosystem  triggered a liquidity cascade that  bankrupted hedge fund Three Arrows Capital  (3AC) and a  slew of high profile crypto lenders .

Blockchain.com’s March 2022 funding round was led by global venture capital firm Lightspeed Ventures and Baillie Gifford Co. — an investment management firm renowned for its early involvement in growth stocks such as Tesla.

While the new investment saw the firm’s valuation dip, the funding activity hints at a newfound investment appetite for crypto firms, buoyed by a  continued uptick in digital asset prices  more broadly.

The broader market enthusiasm for crypto assets is tied to  multiple pending applications for spot Bitcoin  exchange-traded fund (ETF) products from financial firms  such as BlackRock and Fidelity .

Bitcoin  is currently up 116% in the last year, while other major cryptocurrencies such as Ether and Solana are respectively up 61% and 300% over the last 12 months.

Founded in 2011, Blockchain.com has 37 million verified users with 82 million wallets and over $1 trillion in total transaction value across its platform.