Blockchain.com raises $120M for growth as Bitcoin crosses the price target of $50k

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Cryptocurrency exchange platform Blockchain.com has closed on a strategic financing round, securing $120M from some of the world’s leading macro investors as Bitcoin crosses the $50,000 price target for the first time.

The round was raised from Moore Strategic Ventures (Louis Bacon), Kyle Bass, Access Industries, Rovida Advisors, Lightspeed Venture Partners, GV (aka Google Ventures), Lakestar, Eldridge, and more.

According to Peter Smith, CEO & co-founder Blockchain.com, “When we set out to raise our Series A in late 2014, there were only a handful of venture-backed crypto companies. A bitcoin was worth hundreds of dollars and we were pleased to power just over 2 million wallets in the wild.”

Six years later, Bitcoin has surpassed the monumental price target of $50k with over 65M Wallets created in 200+ countries. And 28% of all Bitcoin transactions since 2012 have occurred via Blockchain.com, representing billions in transaction volume.

Based in London, Blockchain.com is a cryptocurrency exchange platform connecting the world to the future of finance. As the fastest growing crypto company, helping millions across the globe — from single individuals to the largest institutions,  Blockchain is revolutionizing the $14T financial services industry and the exchange has raised over $190 million in funding from leading, global investors including: Eldridge, GV, Kyle Bass, Lakestar, Lightspeed Venture Partners, Moore Strategic Ventures, Rovida Kruptos Assets Limited and others.

“What excites me most about this moment is the immense optimism about cryptocurrency from serious, institutional investors. In fact, 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,” added Smith.

In the midst of a global pandemic, Blockchain is the layer of trust needed for e-commerce online and digital payments and companies, globally, are adding bitcoin to their balance sheets, central banks are taking notice of the innovations in DeFi.

In a recent interview with CNBC, billionaire Mark Cuban says what we are seeing right now with the blockchain-type applications is what they saw in the early days of the internet. Blockchain, which powers cryptocurrencies reminds him of the “early days of the internet.”

“It’s like the early days of the internet – brand new, no one really knows what it’s going to be. [There’s] a lot of projections,” he said. ”[W]hen we were starting AudioNet, that turned into Broadcast.com, I can’t tell you how many times everybody said, ‘Internet broadcasting? There’s no chance. I don’t need this internet craziness to do this.’ A lot of people thought we were crazy.”

Cuban and Todd Wagner started an internet radio company in 1995 and later turned into Broadcast.com. In 1999, Broadcast.com was acquired by Yahoo for $5.7 billion in stock and made them billionaires.

“Now this is America 2.0. This is money 2.0. And I don’t mean currency money, I mean being able to earn money via digital has all changed,” he added.