Blockchain.com Raises $300 Million, Firm’s Post-Money Valuation Now $5.2 Billion
The crypto financial services provider Blockchain.com revealed on Wednesday that the company has raised $300 million in a financing round. Blockchain.com’s latest funding round follows the $120 million raise the company obtained last month.
Blockchain.com Is Now Valued at $5.2 Billion
On March 24, Blockchain.com CEO Peter Smith announced that the company was pleased to announce a new Series C financing round. The company has raised $300 million from investors and Blockchain.com’s post-money valuation has increased to $5.2 billion. Smith detailed on Wednesday that the funding stemmed from partners such as VY Capital, Yuri Milner’s DST Global, and Lightspeed Venture Partners. Smith said during the last year, the firm has seen colossal growth and now has 31 million verified users in 200 countries leveraging Blockchain.com services.
“We’ve seen a 3x increase in active users over the past 12 months alone,” Smith detailed during the announcement. Smith said that the new financing round follows the company obtaining $120 million for strategic growth.
“While Blockchain.com is highly profitable across each of our business lines (having surpassed all of 2020 contribution margin in the first 2 months of 2021),” Smith said. “We believe that our new partners, who have experience in supporting companies during times of hyper growth— are the perfect complement to our recent addition of some of the best macro investors like Louis Bacon and Kyle Bass. With the addition of Jim Messina to our Board of Directors, we aim to be ready to evolve into an industry-leading company and global brand,” the Blockchain.com CEO added.
Crypto Financial Services Provider Plans to aggressively Expand Products
The new addition to the company’s board, Jim Messina, is known for his work as White House deputy chief of staff during the Obama administration’s first term. “Since 2011, the Blockchain.com team has been heads down, relentlessly focused on building a company at the intersection of cryptocurrency, institutions, and (most importantly) people around the world,” Smith further noted.
Smith also said the funds will help bolster the company vision and the team plans to “aggressively expand the products we offer our customers.” Blockchain.com offers a non-custodial wallet, onchain blockchain data, and a cryptocurrency trading platform as well. “[Blockchain.com aims to] grow our global team, and pursue M&A opportunities to bring exciting new products and ideas into the company,” Smith emphasized.
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Author: Jamie Redman