According to reports, Blockchain.com’s most recent funding puts its valuation at less than half its value at $14 billion in 2022.
The British investment firm Kingsway Capital led a $110 Series E funding round for Blockchain.com, the startup that created a Bitcoin wallet and exchange.
According to sources close to Bloomberg, the company’s valuation is less than “half of prior $14 billion” as it battles for survival following a $270 million loan to the now-defunct hedge fund Three Arrows Capital (3AC).
The London-based business has secured funding from Baillie Gifford, Lakestar, Lightspeed Venture Partners, Coinbase Ventures, and other investors besides Kingsway.
Blockchain.com is also expected to recruit two new board members from Lakestar and Kingsway with this newest funding. Three Arrows Capital has made significant investments in several problematic cryptocurrency projects, as was previously reported.
It includes BlockFi, a controlled cryptocurrency exchange that fired hundreds of workers in mid-June, and Terra, Axie Infinity, a “play to earn” game that lost over $600 million to a North Korean breach last year.
Two cryptocurrency exchanges, Blockchain.com and Deribit, were among the creditors requesting Three Arrows’ liquidation in the British Virgin Islands.
3AC allegedly “defrauded the crypto industry,” according to Blockchain.com, which also stated that it will “hold them accountable to the fullest extent of the law.”
