Due to significant challenges resulting from the market downturn and the impact of Three Arrows Capital, Blockchain.com has had to navigate difficult circumstances to sustain its operations. As a consequence, the company has temporarily halted its previously contemplated IPO plans, which were initially considered last year.
On the morning of November 15th, Blockchain.com successfully completed a Series E funding round, securing $110 million in investment led by UK-based Kingsway Capital. Other participants in the round include Baillie Gifford, Lakestar, Lightspeed Venture Partners, Coinbase Ventures, and various other organizations and individuals.
Under the funding agreement, Manny Stotz, the Founder and CEO of Kingsway Capital, and Nicolas Brand, a partner at Lakestar, will join the board of investors at Blockchain.com.
It’s worth noting that despite raising a substantial amount of capital, the current valuation of Blockchain.com stands at $7 billion, which is less than half of its valuation of $14 billion back in March 2022 after a Series D funding round with an undisclosed amount.
Blockchain.com, established in 2011, is one of the earliest mainstream cryptocurrency exchanges based in Wales. However, due to the significant impact of Three Arrows Capital’s actions, Blockchain.com has undergone structural changes, including staff layoffs, reductions in compensation, office closures in Argentina, and the dissolution of its asset management division, all in an effort to maintain its operations.