Crypto News- In the latest development, Blockchain.com, a prominent player in the cryptocurrency exchange and wallet space, has successfully concluded a funding round, amassing $110 million. Interestingly, this places the company at a valuation considerably lower than its previous staggering $14 billion, as reported by Bloomberg.
Bloomberg Reports 110 Million Dollars Funding Round Closure for Blockchain.com
The Series E funding was spearheaded by the U.K.-based Kingsway Capital, drawing support from notable contributors such as Lakestar, Lightspeed Venture Partners, and Coinbase Ventures.
Despite repeated attempts, neither Kingsway nor Blockchain.com has provided a comment as of press time in response to inquiries from CoinDesk.
Adding to the context, reports surfaced in January revealing a significant downsizing of the exchange’s workforce by 28%. The move signaled an effort to navigate the ever-evolving landscape of the crypto industry.
It’s noteworthy to highlight that earlier reports from Bloomberg had shed light on Blockchain.com’s proactive pursuit of additional funding, accompanied by an ambitious valuation target ranging between $3 billion and $4 billion. However, the recent closure of the Series E funding round, accumulating $110 million, has left the specific valuation undisclosed, introducing an intriguing layer of mystery to the intricate financial dynamics at play.
This funding development comes against the backdrop of a dynamic market environment, where Blockchain.com, a major player in the cryptocurrency exchange and wallet sector, has repositioned itself with strategic decisions. The reported downsizing of its workforce by 28% in January indicates a proactive effort to streamline operations and adapt to the evolving landscape of the crypto industry.