Business In News
- Blockchain.com raises fresh capital in a strategic funding round.
- Funding round was led by Kingsway Capital and included existing investors Baillie Gifford and Lightspeed Venture Partners.
- The exchange recently received approval to operate in Singapore.
- Company was last valued at $14 billion following its Series C funding.
London based crypto exchange Blockchain.com has reportedly concluded a strategic funding round for an undisclosed amount.
According to a report published by Bloomberg, the funding round was led by UK based Kingsway Capital, and saw participation from existing investors including Baillie Gifford and Lightspeed Venture Partners.
This investment comes at a time when most companies in the crypto industry are struggling to keep up with the ongoing bear market that has brought down the global cryptocurrency market capitalization from $2.1 trillion at the beginning of the year to $923 billion today.
Investments in crypto startups in particular have taken a hit. Research firm Pitchbook had reported earlier this week that during the third quarter of this year, venture capital investment in crypto startups declined by 42% QoQ.
In the first quarter of 2022, VCs invested as much as $10.9 billion into blockchain and crypto companies. By Q3, that number came down to $4.4 billion, marking a decrease of almost 60%.
Eventful year for Blockchain.com
Blockchain.com was last valued at $14 billion following its Series C funding round in March 2022.
Since then, the exchange has had to deal with some unpleasant situations, including the fallout from the collapse of the algorithmic stablecoin Terra which forced a layoff of 25% of its staff in July.
On 12 October, the exchange received approval from Singapore’s central bank to offer payment services in the country.
In more recent news, Blockchain.com revealed its plans to suspend the accounts held by Russian nationals, in accordance with the eight package of sanctions by the European Union against Russia.