London based crypto exchange Blockchain.com has reportedly concluded a strategic funding round for an undisclosed amount.
According to a report published by Bloomberg, the funding round was led by UK based Kingsway Capital, and saw participation from existing investors including Baillie Gifford and Lightspeed Venture Partners.
This investment comes at a time when most companies in the crypto industry are struggling to keep up with the ongoing bear market that has brought down the global cryptocurrency market capitalization from $2.1 trillion at the beginning of the year to $923 billion today.
Investments in crypto startups in particular have taken a hit. Research firm Pitchbook had reported earlier this week that during the third quarter of this year, venture capital investment in crypto startups declined by 42% QoQ.
In the first quarter of 2022, VCs invested as much as $10.9 billion into blockchain and crypto companies. By Q3, that number came down to $4.4 billion, marking a decrease of almost 60%.
Blockchain.com was last valued at $14 billion following its Series C funding round in March 2022.
Since then, the exchange has had to deal with some unpleasant situations, including the fallout from the collapse of the algorithmic stablecoin Terra which forced a layoff of 25% of its staff in July.
On 12 October, the exchange received approval from Singapore’s central bank to offer payment services in the country.
In more recent news, Blockchain.com revealed its plans to suspend the accounts held by Russian nationals, in accordance with the eight package of sanctions by the European Union against Russia.
Apparel Group Enhances Home Transfer Services through myZoi App Apparel Group to extend myZoi’s payroll,…
Tezos, a Liquid Proof-of-Stake (LPoS) blockchain network focused on smart contracts and dApps, has slumped…
London, April 29th – SoulMatcher, a revolutionary dating and social network app rooted in psychology,…
Ethereum Classic (ETC) is set for its next halving on May 31, 2024, at noon…
Grayscale Bitcoin Trust (GBTC), a renowned Bitcoin ETF known for counting its losses since the…
BEIJING, CHINA, April 29, 2024 -- On April 26, 2024, the Global Health and Development…