Digital Assets: Nabs $110M Funding At A Lower Valuation

November 15, 2023 | Digital Assets, News, Venture Capital

The investment round valued at less than half of its previous 2022 valuation of $14 billion. has successfully secured $110 million in Series E funding, with Kingsway Capital leading the investment round. Notable participants include Baillie Gifford, Lakestar, LSVP, GV, Access Industries, Moore Capital, Prudence, Freeman Capital, Coinbase Ventures, and Pledge Ventures.

Kingsway Capital’s Manny Stotz and Lakestar’s Nicolas Brand have joined’s Board of Directors. This funding round has recalibrated’s market valuation to just under $7 billion, a significant drop from the $14 billion valuation in March 2022.

This adjustment follows a Series D funding round completed before crypto industry challenges, when the company’s valuation surged from $5.2 billion to $14 billion. However, that was just two months before the breakdown of Do Kwon’s Terra ecosystem, triggering a liquidity crisis that resulted in the bankruptcy of the Three Arrows Capital (3AC) hedge fund and several prominent cryptocurrency lenders., known for its cryptocurrency exchange and wallet services, similarly faced setbacks during this period of turmoil, known as the “crypto winter.” The company closed its Argentina offices, ceased expansion plans in various countries, and laid off 25% of its workforce (around 150 employees) in response to financial losses during the bear market. CEO Peter Smith informed shareholders that the failed Three Arrows Capital (3AC) was causing financial strain, with approximately $270 million in cryptocurrency and US dollar loans at risk.

However, in its operational history spanning over a decade, has facilitated crypto transactions exceeding $1 trillion and currently caters to over 90 million cryptocurrency wallets. The company has been highly successful in its venture capital funding, securing a total of $490 million, with a notable infusion of $300 million in March 2021.

This funding injection aims to support’s recovery and strategic initiatives in a dynamic market.

Related Story: Launches Marqeta-Powered Visa Debit Card For Crypto

Image by Gerd Altmann from Pixabay

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