Blockchain.Com Raises $110M In Latest Funding Round Amid Crypto Market Revival

Cryptocurrency exchange and wallet provider, Blockchain.com, has secured $110 million in a fresh round of funding, as reported by CoinDesk.

What Happened: As per the information shared by Bloomberg, the recent Series E funding round was led by UK’s Kingsway Capital. Other participants included Lakestar, Lightspeed Venture Partners, and Coinbase Ventures. The funding round, however, valued Blockchain.com lower than its preceding valuation of $14 billion. The exact valuation for this round remains undisclosed.

Prior to this, the exchange had to reduce its workforce by 28% earlier this year. In the previous year, Bloomberg had reported that Blockchain.com aimed to secure extra funding at a valuation between $3 billion and $4 billion.

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Why It Matters: Since then, the crypto market has seen a substantial recovery. Bitcoin, which traded below $20,000 for most of October 2022, is now valued above $35,000.

Both Blockchain.com and Kingsway Capital have not responded to CoinDesk’s request for comments at the time of publication. This funding comes at a crucial time when the crypto market is rebounding.

Price Action: At the time of writing, Bitcoin (CRYPTO: BTC) was trading at $35,618.30, down 2.70% in the last 24 hours, according to Benzinga Pro.

Photo by SvetlanaParnikova on Shutterstock

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This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.