Blockchain.com, a prominent crypto exchange, has closed a triumphant Series E funding round, raising a substantial $110 million. Kingsway Capital, a distinguished UK-based investment management firm, led this latest financing push, joined by an array of notable entities such as Baillie Gifford, Lakestar, LSVP, GV, and Coinbase Ventures.
This Series E infusion witnesses prominent figures Manny Stotz, CEO of Kingsway Capital, and Nicolas Brand, Partner at Lakestar, stepping into roles on Blockchain.com's Board of Directors.
Despite recalibrating its market valuation below $7 billion, a step down from its previous high of $14 billion in March 2022, Blockchain.com remains an undisputed maestro in the crypto exchange sphere. Renowned for its crypto wallet and trading platform, it continues to navigate the digital asset seas, serving as a cornerstone for both individuals and institutions exploring the crypto universe.
However, the crypto winter took its toll on Blockchain.com, prompting tough decisions within the company. In July 2022, they announced the closure of their Argentina-based offices and paused expansion plans in various countries. Subsequently, to navigate financial challenges amid the market downturn, Blockchain.com made the difficult decision to downsize its workforce by 25%, affecting around 150 employees.
While these financial struggles were significant, the recent infusion of $110 million through Series E funding signifies a renewed vote of confidence in Blockchain.com's potential and resilience within the cryptocurrency landscape.