Blockchain.com Secures More Funding Despite Tough Crypto Market – BNN Bloomberg

(Bloomberg) – Crypto exchange Blockchain.com said on Friday it had raised new funds in a strategic funding round led by UK-based investment firm Kingsway Capital, as companies across the industry are taking action in a challenging environment to weather the headwinds caused by this year’s downturn.

The round, which also included investments from Baillie Gifford and Lightspeed Venture Partners, closed in the third quarter at a time when venture capital investment in crypto startups fell to its lowest level in more than a year. year. Blockchain.com declined to disclose the amount of funding or its valuation. The company previously raised capital at a $14 billion valuation in March in a round that included Lightspeed Venture Partners and Baillie Gifford.

The new investment shows how some crypto startups are raising funds despite the turmoil in the industry. UK-based crypto custodian Copper Technologies Ltd recently raised $196 million.

Token prices have fallen this year and startup valuations are likely under pressure. Longtime executives are also leaving leading companies.

Blockchain.com is led by CEO Peter Smith. It laid off 25% of its staff, or around 150 people, in July and took a financial hit after crypto hedge fund Three Arrows Capital collapsed.

The company, which also offers a digital wallet service allowing users to hold cryptocurrencies like Bitcoin, appears to be moving forward despite the onset of crypto winter.

Blockchain.com said in a statement that it recently received regulatory approvals to operate in Italy, Dubai, Singapore and the Cayman Islands.

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