Digital Assets: Investors Pile Into Blockchain.com’s $300M Raise, Valuing It At $5.2B
This mega-round follows on a $120 million raise just last month.
Blockchain.com’s valuation has surged to $ 5.2 billion from $ 3 billion in just a month, such was investors’ appetite for its latest Series C raise. The investment was led by DST Global, Lightspeed Venture Partners, and VY Capital, and included participation from other existing and leading investors across the globe. (Medium)
Blockchain.com has seen a 3X increase in active users over the past 12 months and claims to be highly profitable across each of its business lines. It surpassed all of its 2020 contribution margins in the first two months of 2021 and has a verified user base of 31 million across 200 countries.
It said its new investment partners had experience in “supporting companies during times of hypergrowth.”
Peter Smith, co-founder and CEO of Blockchain.com, wrote last month that the pandemic had triggered a dramatic shift towards online commerce, communications, and investing. Corporate treasuries had started investing in bitcoin, pushing the price of the leading cryptocurrency to successive all-time highs.
Even Fortune 500 companies, investment funds, and institutions were participating in bitcoin’s current bull run, Smith said.
“More than ever before, crypto begins to seem like the real Robin Hood of finance,” he added. “A decentralized network that creates and stores value for anyone with a mobile device and an internet connection.”
Blockchain.com: Use of funds
Blockchain.com plans to expand its line of products, grow its global workforce, and make strategic acquisitions that could add new products to the company.
However, it revealed last month that though crypto wallets remained its core business, its institutional business had grown large enough to cover its entire global operating cost, and as well deliver additional operating profits.
After the latest fundraise, Blockchain.com said it had “one of the most significant balance sheets in the industry.”
According to Coin Telegraph, this latest round was the crypto industry’s third-largest capital raise ever.
Related Story: Blockchain.com Raises $120M From Leading Macro Investors Including Google
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