Blockchain.com, a prominent platform in the world of cryptocurrencies, has secured a crucial funding round of $110 million in its Series E, led by UK-based Kingsway Capital.
This investment, which marks a significant moment in the resurgence of venture capital investments focused on crypto assets, has consolidated itself amid the recovery in digital asset prices over the course of this year.
Participation in this funding round has also been notable, with major investors such as Baillie Gifford, Lakestar, Lightspeed Venture Partners, Coinbase Ventures, among others, contributing to the capital injection.
Two New Members to the Board of Directors of Blockchain.com
Two new additions to the team, Kingsway and Lakestar, reinforce the company’s strategic foundation and direction for the future.
However, this funding round has been a shadow of news that has resonated in the market: Blockchain.com’s current valuation is now less than half of its previous valuation of $14 billion in spring 2022.
This considerable reduction in valuation has raised questions about market perception of the company.
The company had faced previous challenges, evidenced by reducing its workforce by 28% at the beginning of the year.
Despite this reduction in valuation, Blockchain.com’s ability to raise $110 million could signal a vote of confidence from investors in its potential and its ability to adapt to a volatile and changing market.
The fluctuation in crypto asset prices, particularly Bitcoin’s rally above $35,000 after remaining below $20,000 for much of October 2022, has indirectly influenced the company’s valuation.