VCs Including Google Ventures Invest $120 Million in Blockchain.com

2021-2-18 20:27

Crypto wallet provider Blockchain.com has raised $120 million from leading venture capital firms, including Alphabet-owned Google Ventures.

VC Firms Flock to Blockchain

London-based cryptocurrency platform Blockchain.com announced its latest funding round, pooling $120 million from multiple “macro investors.”

Investors who joined in the latest funding round include GV (Google Ventures), Lightspeed Venture Partners, Access Industries, Moore Strategic Ventures, Rovida Advisors, Lakestar, Eldridge, and others.

To date, Blockchain.com has raised $190 million. The current valuation of the company has not been disclosed.

Since it was formed in 2011, Blockchain.com has become a prominent wallet service in the industry, with 67 million wallets facilitating $600 billion in transactions.

The company also boasts a crypto lending service, an exchange, a blockchain explorer, a hardware wallet, and a blockchain developers’ API platform.

Institutional Interest Continues

According to the company, the funding from institutional investors shows the evolution of the crypto sector and the new business opportunities available in the space.

“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,” Peter Smith. CEO & Co-Founder of Blockchain.com wrote in a blog post.

The leading crypto asset has seen ravenous interest from institutional investors and tech companies since last year, with the likes of MicroStrategy, Tesla, Ruffer, Grayscale, Square, and many others pouring billions of dollars into Bitcoin.

The institutional interest has been a big catalyst in the ongoing bullish cycle that has seen Bitcoin prices crossing $50,000 and a trillion dollars market capitalization.

As more investors push net inflows into digital assets, crypto service providers such as Blockchain.com may see similar investments going forward.

Disclosure: The author did not hold crypto mentioned in this article at the time of press.

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