London-based cryptocurrency services provider Blockchain.com has raised $300 million in a new investment round that valued the firm at $5.2 billion — up from a $3 billion valuation just one month ago.
The investment round was led by DST Global, Lightspeed Venture Partners and VY Capital, and is the crypto industry’s third-largest capital raise to date. The sum is equal to that raised in a single round by Bakkt in March 2020, trailing only behind BlockFi’s $350 million earlier this year and Bitmain Technologies’ $400 million back in 2018.
Just one month ago, Blockchain.com raised $120 million at a subsequently reported valuation of $3 billion. The Wall Street Journal notes that while capital raising in the crypto space declined from a total of $4.5 billion in 2018 to $2.7 billion by 2020, this year has already seen three of the si largest-ever capital raises in the industry’s history.
Blockchain.com plans to use the fresh funds to recruit more employees and support its institutional business. According to CEO Peter Smith:
“The institutional side requires more capital. When you’re pitching asset managers they want to see a big balance sheet.”
Smith added that if Title: Blockchain.com raises $300M in crypto industry’s third-largest capital raise
Sourced From: cointelegraph.com/news/blockchain-com-raises-300m-in-crypto-industry-s-third-largest-capital-raise
Published Date: Wed, 24 Mar 2021 11:00:34 +0000