Cryptocurrency platform Blockchain.com announced Tuesday it has raised $110 million in a new funding round led by Kingsway Capital. The Series E raise includes participation from major firms like Baillie Gifford, Lakestar, LSVP, and Coinbase Ventures.
Kingsway Capital was founded by Manny Stotz with $5 billion in assets under management.
Blockchain.com launched as Blockchain.info in 2011 as a blockchain explorer tool, which let anyone examine bitcoin transactions and provided an API to enable developers to build on Bitcoin. The company also created one of the most widely used cryptocurrency wallets, enabling early crypto adopters to more easily manage their digital assets.
Over its decade-plus in operation, Blockchain.com has powered over $1 trillion in lifetime transactions and today serves more than 90 million crypto wallets. It has previously raised $490 million in venture capital funding, including $300 million in March 2021.
The new funding round comes despite several months of a crypto bear market, triggered by the cascading collapse of several major firms including FTX. Blockchain.com said its revenue has still grown 1,500% in the last four years, outpacing the broader industry.
As part of the deal, Stotz and Lakestar partner Nicolas Brand will join Blockchain.com’s board of directors. Brand spent the last 20 years in the finance industry and builds businesses at the intersection of finance, blockchain, and technology.
The company holds licensing across multiple jurisdictions to ensure regulatory compliance amid ongoing government scrutiny of cryptocurrencies.
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