Blockchain.com raises $120 million to pivot institutional demand for cryptos
Renowned cryptocurrency wallet provider Blockchain.com has raised $120 million in a strategic funding round to scale the firm’s growing institutional markets.
The latest cash injection attracted several leading macro investors, including Moore Strategic Ventures, Rovida Advisors, Access Ventures, Lightspeed Venture Partners, Lakestar, and Google Ventures, just to mention a few.
In an official announcement, CEO Peter Smith revealed that the company’s institutional business segment has grown exponentially and is now able to cover global expenses. He goes further to assert that the influx of institutional investors to crypto-related offerings shows a significant shift in how the industry is perceived. Smith wrote:
What excites me most about this moment is the immense optimism about cryptocurrency from serious, institutional investors. The fact that the best macro investors in the world participated in our latest fundraise is further proof that institutions are taking a serious look at their crypto strategy.
Blockchain.com will channel the new investment into its growing Institutional Markets business. The firm recently rolled out crypto custody, lending services, and trade executions for institutional investors. Despite the expansion, Smith was quick to point out that the company’s crypto wallet remains its core product.
Blockchain.com’s multi-crypto wallet processes around 28% of all Bitcoin transactions. The company has also successfully launched a crypto lending service.
