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Blockchain.com Sees Funding at 70% Lower Valuation: Report
The company was last valued at $14 billion in March, almost triple what it was worth a year earlier. Blockchain.com is now reportedly trying to raise just $3 billion Crypto exchange Blockchain.com is reportedly looking for funding, but may face a significant setback due to the bear market. Blockchain.com, which doubles as a financial services company in the crypto space, is in talks for a round that could bring its valuation to $3 billion to $4 billion. Bloomberg reported on Thursday. That would be 70% lower than its valuation of $14 billion in March, when...
Blockchain.com Sees Funding at 70% Lower Valuation: Report
- Das Unternehmen wurde zuletzt im März mit 14 Milliarden US-Dollar bewertet, fast das Dreifache dessen, was es noch ein Jahr zuvor wert war
- Berichten zufolge versucht Blockchain.com nun, nur 3 Milliarden US-Dollar aufzubringen
Crypto Exchange Blockchain.com is reportedly looking for funding but may face a significant setback due to the bear market.
Blockchain.com, which doubles as a financial services company in the crypto space, is in talks for a round that could bring its valuation to $3 billion to $4 billion. Bloomberg reports on Thursday.
That would be 70% lower than his Valuation of $14 billion in March, when the company closed a Series D round led by Lightspeed Capital Ventures for an undisclosed amount. Founded in 2011, the company has raised a total of $490 million in seven fundraising rounds. Crunchbase data shows.
The move comes afterwards Blockchain.com The company reportedly raised a strategic funding round in the third quarter, also for an undisclosed amount, led by British investment firm Kingsway Capital. Terms of the latest deal are still being developed and are not yet final.
Blockchain.com was one of several major players in the industry to lay off employees amid difficult market conditions, cutting 25% of its workforce in July. About six weeks earlier, Blockchain.com CEO Peter Smith told Blockworks that the crypto ecosystem was entering the “desperation phase” of the bear market.
The company was also reportedly exposed to embattled crypto hedge fund Three Arrows Capital, which owes it $270 million since its bankruptcy in July.
All this while venture capital (VC) funding for the crypto sector has slowed dramatically as prices for Bitcoin and other crypto assets collapsed over the year amid a broader market downturn.
VC firms around the world invested just $4.44 billion in crypto startups in the third quarter, a 37% decline year-over-year. said Bloomberg citing PitchBook data.
The flagship crypto fund of Andreessen Horowitz, one of the industry's best-known VCs, lost around 40% of its value in the first six months of this year. In terms of scale, the entire digital asset market lost 60% over the same period.
Blockchain.com did not respond to Blockworks' request for comment by press time.
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The article Blockchain.com Eyes Funding at 70% Lower Valuation: Report is not financial advice.