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Crypto hub Blockchain.com raises $110m in Series E funding

crypto-hub-blockchain-com-raises-110m-in-series-e-funding
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Crypto hub Blockchain.com raises $110m in Series E funding

Blockchain.com’s latest funding reportedly leaves its valuation at less than half of its $14 billion back in 2022.

Blockchain.com, the company behind a cryptocurrency wallet and an exchange, has raised $110 in a Series E funding round led by British investment firm Kingsway Capital.

According to Bloomberg’s sources, the company’s latest funding left its valuation at less than “half of prior $14 billion” as the firm struggles to survive after it lent $270 million to the now defunct Three Arrows Capital (3AC) hedge fund.

In addition to Kingsway, the London-headquartered company also raised investments from Coinbase Ventures, Baillie Gifford, Lakestar, Lightspeed Venture Partners, and others. With the latest funding, Blockchain.com is also said to be adding two new board members from Kingsway and Lakestar.

As crypto.news earlier reported, Three Arrows Capital had invested heavily in several troubled cryptocurrency projects. It includes Terra, Axie Infinity, a “play to earn” game that lost over $600 million to a North Korean hack last year, and BlockFi, a centralized cryptocurrency exchange that laid off hundreds of employees in mid-June.

Blockchain.com and Deribit, a crypto exchange, were among the creditors seeking the liquidation of Three Arrows in the British Virgin Islands.

Blockchain.com claimed that 3AC had “defrauded the crypto industry” and that the firm intends to “hold them accountable to the fullest extent of the law.”