On October 14, the leading cryptocurrency exchange Blockchain.com made the announcement that it had raised new funding in a strategic financing round that was led by the investment firm Kingsway Capital, which is based in the United Kingdom. This is happening at a time when companies that have gotten money from other well-known investors are going through big changes, rebranding themselves, and even turning in new directions.
The funding round was closed during the third quarter, which was a time when venture capital financing in cryptocurrency businesses reached its lowest level in more than a year. Other investors in the round included Baillie Gifford and Lightspeed Venture Partners. Blockchain.com did not reveal either the amount of financing received or the company’s value. Before that, in March, the business had previously been valued at $14 billion when it secured funding in a round that was participated in by Lightspeed Venture Partners and Baillie Gifford.
The fresh investment is proof that some cryptocurrency businesses are successfully obtaining capital despite the volatility that has been hitting the market. Copper Technologies Ltd., a cryptocurrency custodian that is headquartered in the UK, successfully raised $196 million not long ago.
Peter Smith, who serves as Chief Executive Officer, is in charge of Blockchain.com. As a result of the failure of the cryptocurrency hedge fund Three Arrows Capital in July, it was forced to let go of around one quarter of its workforce, or approximately 150 individuals.
Despite the advent of crypto winter, it seems that the firm will continue to go on with its plans. The company provides its customers with a digital wallet service that enables them to store cryptocurrencies such as Bitcoin. In a statement, Blockchain.com shared the news that the company has just been granted permission to operate in the jurisdictions of Italy, Dubai, Singapore, and the Cayman Islands.
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