Crypto wallet & trading platform Blockchain.com raises $120 million

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crypto trading platform | iTMunch

Blockchain.com, a London-based digital asset platform, announced that it has secured about $120 million (approximately £86.5 million) in funding. The investment round was led by several macro investors which include Kyle Bass, Moore Strategic Ventures (Louis Bacon), Rovida Advisors, Access Industries, GV (aka Google Ventures), Lightspeed Venture Partners, Lakestar, Eldridge and many more. The company said that the freshly raised funds will be used to accelerate the growing Institutional Markets business of the platform.

Blockchain.com on raising funds

Co-founder of Blockchain.com, Peter Smith says what excites him the most about this moment is the extreme optimism towards cryptocurrency from serious institutional investors. The present bull run is completely dominated by stories of Fortune 500 companies, institutions driving net inflows and investment funds that are into crypto, adds Smith. He further adds that the fact that the world’s best macro investors participated in Blockchain.com’s latest funding round is proof that investors and VC institutions are taking a serious look at their cryptocurrency strategy.

The company’s Institutional Markets business is growing rapidly and exponentially and while the ‘Wallet’ remains the core of their business, their Institutional business is now substantial and significant enough to take care of the entire operating cost of the business internationally while delivering additional operating profits, he says.

The UK-based company did not reveal the valuation at which it raised funds. Till date, Blockchain.com has raised more than $190 million (approx £136 million) in funding. 

SEE ALSO: Manchester-based cloud integration platform Matillion raises £72.24M

About UK-based Blockchain.com

Founded by Peter Smith, Nicolas Cary and Benjamin Reeves, Blockchain.com basically provides its users with digital wallets to purchase, trade, send, receive, borrow and secure digital currencies. Today, there are more than 67 million wallets created on its platform. The company invests in token and equity projects and provides them with security, legal, financial and technical support from its bench of experienced advisors, employees and partners.

Smith further adds that the paradigm shifts towards something like cryptocurrency feels to the world as though it happened overnight, but for those who have been working day in and day out to create technology as well as innovation in this industry, they know that it has been a long time coming. Smith says that he couldn’t be more optimistic about the crypto future, however there is so much more to do and it is time to bring billions of individuals and millions of institutions worldwide into cryptocurrency. It is now time to build a convenient financial system for the internet, he concludes.

SEE ALSO: Delivery app goPuff to acquire UK-based Fancy Delivery

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Image Courtesy: Voytek pavlik, CC0, via Wikimedia Commons

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Riddhi Jain is a technology content writer. She is based in India and has been working as a content writer since 2018. Riddhi has been writing content in the tech domain since May 2020 and can’t get enough of it. Riddhi has pursued most of her education from her hometown, Indore. She has graduated as a Bachelor of Business Administration and discovered her love for writing blogs while pursuing an internship during college. Once she discovered her love for writing, she went on to improve this skill set (and hasn’t stopped since).
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