Blockchain.com raises $120M funding round to grow institutional business

Blockchain.com raises $120M funding round to grow institutional business


Several notable macro investment funds joined the round, including Moore Strategic Ventures, Access Ventures, Rovida Advisors, Lightspeed Venture Partners, Google’s investment spin-off GV, Lakestar, Eldridge, Hayman Capital’s Kyle Bass and others.

The funding will be used to bolster Blockchain.com’s growing Institutional Markets business. The company recently expanded its suite and began offering crypto custody, trade execution and lending services tailored for institutional investors. Blockchain.com’s main business was a multi-cryptocurrency wallet, which processed 28% of all Bitcoin (BTC) transactions, the company says. Since then, the company has launched an exchange and a successful crypto lending service.

Its institutional business is “growing exponentially” and has become significant enough to cover the company’s entire business expenses and then some, though the crypto wallet remains its core product.

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According to Blockchain.com CEO, Peter Smith, the investment from major traditional finance funds illustrates the shift of perception towards cryptocurrencies. “Paradigm shifts like crypto can feel to the world as though they happened overnight,” he

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