Blockchain.com Raises $300M at $5.2B Valuation

Blockchain.com Secures $300 Million in Series C Funding

Concurrent with Coinbase’s impending public offering in the United States, Blockchain.com is experiencing a remarkably successful first quarter of 2021. The firm, known for its widely-used cryptocurrency wallet, exchange platform, and block explorer, has successfully closed a $300 million Series C funding round.

Recent Funding Activity

Just last month, Blockchain.com was the subject of reporting regarding a $120 million funding round. This latest investment signifies that the company is actively seeking capital and expanding its resources in quick succession.

Investment Details

This funding round is being spearheaded by DST Global, Lightspeed Venture Partners, and VY Capital. Participation also included contributions from existing investors. The company’s post-money valuation now stands at $5.2 billion following this latest investment.

Company Origins and Evolution

Initially established as Blockchain.info, the company’s first product was a blockchain explorer. This tool allows users to input a transaction hash and retrieve detailed information, including transaction amounts, confirmation numbers, and sender/receiver wallet addresses.

Core Product: The Noncustodial Wallet

Blockchain.com is perhaps best recognized for its open-source wallet. This wallet is noncustodial, meaning users retain complete control over their private keys. Consequently, Blockchain.com does not have direct access to user funds.

User Growth

Currently, 31 million users have completed identity verification on the Blockchain.com platform. The number of active users has experienced a threefold increase over the last year.

Diversified Services

Blockchain.com has strategically expanded its service offerings over time. It now operates a cryptocurrency exchange, enabling direct buying and selling of digital assets. Furthermore, the company provides specialized services tailored to institutional investors.

Institutional Services Offered

These services encompass cryptocurrency trading, secure custody solutions, and facilitation of large over-the-counter transactions.

Financial Performance and Future Plans

According to co-founder and CEO Peter Smith, “Blockchain.com is highly profitable across each of our business lines.” The newly acquired funding will be utilized to accelerate growth and collaborate with late-stage investors. Strategic acquisitions by Blockchain.com are anticipated in the near future.