London-based digital asset platform Blockchain.com raises £86.5M funding amid crypto boom

Blockchain.com Image credits: Blockchain.com

London-based digital asset platform Blockchain.com has secured $120 million (approx £86.5 million) funding. The investment was led by a lineup of macro investors including, Moore Strategic Ventures (Louis Bacon), Kyle Bass, Access Industries, Rovida Advisors, Lightspeed Venture Partners, GV (aka Google Ventures), Lakestar, Eldridge, and more.

Raised £136M to date

The UK-based company didn’t disclose the valuation at which the funds were raised; however, the company has raised $190 million (approx £136 million) in funding. The funding will be used to accelerate the platform’s growing Institutional Markets business. 

Blockchain.com said about 28% of all Bitcoin transactions since 2012 have occurred through its platform, representing billions in transaction volume.

Peter Smith, the co-founder, says, “What excites me most about this moment is the immense optimism about cryptocurrency from serious, institutional investors. The current bull run is dominated by stories of Fortune 500 companies, investment funds, and institutions driving net inflows into crypto. 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.” 

He adds, “Our Institutional Markets business is growing exponentially, and while the Wallet remains the core of our business, our Institutional business is now significant enough to cover the entire operating cost of the business globally while also delivering additional operating profits.”

Provides digital wallet

Founded by Benjamin Reeves, Nicolas Cary, and Peter Smith, Blockchain.com provides digital wallets to buy, trade crypto, send, receive, secure, and borrow digital currencies. 

The company is on a mission to revolutionise the $14 trillion financial services industry. At the time of writing this article, Bitcoin stands at $51,920.

Smith adds, “Paradigm shifts like crypto can feel to the world as though they happened overnight — but for those of us working day in and day out to build technology and innovation in crypto, this has been a long time coming. I couldn’t be more optimistic about the future, but there’s so much more to do. It’s time to bring billions of people into crypto and millions of institutions around the world. It’s time to build a financial system for the internet.”