It has been just revealed the fact that Blockchain.com managed to raise $110 million in Series E. funding. Check out the latest reports about the matter below.
Blockchain.com raises huge amounts in funding
Blockchain.com, a cryptocurrency exchange, has successfully raised $110 million in Series E financing.
The funding round was led by Kingsway Capital, an investment management firm based in the UK, and saw participation from Baillie Gifford, Lakestar, Lightspeed Venture Partners, Coinbase Ventures and others.
According to sources familiar with the matter cited by Bloomberg, Blockchain.com’s valuation is now “less than half of” $14 billion, which was the firm’s valuation in March 2022 following a Series D financing round.
Manny Stotz, the founder and CEO of Kingsway Capital, and Nicolas Brand, a partner at Lakestar, have recently joined the board of investors at Blockchain.com.
The move comes after the company secured a round of funding, in which Kingsway Capital led the charge.
This marks the second time Kingsway Capital has invested in Blockchain.com, with the first undisclosed funding round closing in Q3 of 2021.
Blockchain.com faced significant losses after the collapse of Three Arrows Capital, a crypto lender the company had invested in.
In response, the company had to lay off 150 employees (25% of its workforce), close its Argentinian office, and reduce CEO compensation in July of 2022.
Blockchain.com did not immediately respond to The Block’s request for comment.
Crypto industry following SEC moves
In a recent interview with CNBC’s Dan Murphy, Ripple’s CEO Brad Garlinghouse stated that their recent legal wins against the US SEC could be indicative of a shift in the way the country views and regulates cryptocurrency.
Garlinghouse suggests that the SEC will soon need to alter their approach of using legal action to enforce regulations.
“The SEC, in my opinion, has lost sight of their mission to protect investors, and the question is, ‘Who are they protecting in this journey?’”