Digital Assets: Blockchain.com Raises $120M From Leading Macro Investors Including Google

February 17, 2021 | Digital Assets, News
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About 28% of all bitcoin transactions since 2012 have occurred via wallet provider Blockchain.com

Blockchain.com announced today the closure of a strategic financing round that raised $120 million. Investors included Moore Strategic Ventures (Louis Bacon), Kyle Bass, Access Industries, Rovida Advisors, Lightspeed Venture Partners, GV (aka Google Ventures), Lakestar, Eldridge, and others. (Medium.com)

The company did not disclose valuation details.

Crypto the real Robin Hood of finance?

Peter Smith, co-founder and CEO of Blockchain.com said that the pandemic had undermined trust in traditional financial institutions.

It had driven a dramatic shift towards online commerce, communications, and investing. Meanwhile, companies had started investing in bitcoin, while central banks were assessing developments in DeFi.

Furthermore, bitcoin was notching up all-time-high after all-time-high.

“More than ever before, crypto begins to seem like the real Robin Hood of finance,” wrote Smith. “A decentralized network that creates and stores value for anyone with a mobile device and an internet connection.”

Today, bitcoin scaled a fresh all-time high of $51,735.38, and at the time of writing, is trading at $51,091.87.

Smith said Fortune 500 companies, investment funds, and institutions driving net inflows into crypto were dominating the current bull run. Even serious, institutional investors were immensely optimistic about cryptos.

“The fact that the best macro investors in the world participated in our latest fundraise is further proof that institutions are taking a serious look at their crypto strategy,” Smith wrote.

It’s showing up on the bottom line

Smith revealed that crypto wallets remained the core business of Blockchain.com.

However, the firm’s institutional business had grown big enough to cover its entire operating cost globally, and also deliver additional operating profits.

Corporate investments in crypto

Meanwhile, MicroStrategy (NASDAQ: MSTR), which led the charge into bitcoin investments on behalf of corporates, beefed up its plan to borrow money via convertible notes to invest in bitcoin.

The company announced today that its offering had now been increased to $900 million, with an additional USD 150m aggregate principal amount available as an option.

Related Story:  Bitcoin Hits +$50K; MicroStrategy Readies $600M Investment

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