Blockchain.com’s latest funding round was led by Kingsway Capital.
The company is valued at less than $7 billion.
Blockchain.com Raises Fresh Funds
Blockchain.com, one of the leading cryptocurrency companies in the world, closed a $110 million round of funding led by UK-based Kingsway Capital. This is according to a Bloomberg report a few hours ago.
The company, which operates a cryptocurrency exchange and wallet service, is now valued below $7 billion, which is less than half of what it was valued during the last bull run.
Other participants in the Series E funding round include Baillie Gifford, Lakestar, Lightspeed Venture Partners, Coinbase Ventures and others. The company is also adding two new board members from Kingsway and Lakestar.
This isn’t the first time Kingsway Capital invested in Blockchain.com. The VC firm invested in the company in the fall of last year. However, the bear market saw Blockchain.com’s valuation dip by more than 50%, similar to other leading cryptocurrency companies.
Blockchain.com disclosed exposure to the Three Arrows Capital hedge fund, which collapsed last year. Furthermore, the cryptocurrency exchange laid off staff as it coped with the bear market.
The cryptocurrency market has been performing excellently since the start of the year. BTC is up by more than 100% year-to-date, outperforming the other major global financial assets.
With the market recovery, several new funds for investing in crypto have been started, with crypto-focused projects raising funds to power their activities.