Bitcoin wallet Blockchain.com raises $120M in funding
The “strategic” funding round was led by Moore Strategic Ventures LLC, hedge fund manager Kyle Bass, venture capital firms Access Industries Inc., Lightspeed Venture Partners and Alphabet Inc.’s venture capital unit GV. The company will use the money to continue to expand its product lines and further build out its platform.
Bitcoin is a cryptocurrency, a type of digital currency that can be used to buy goods and services, it uses a digital ledger with strong cryptography that secures online transactions. Blockchain.com provides digital wallets that store the currency so that users can transact in the currency on the web and mobile devices with both online and physical retailers.
According to the firm, 28% of all Bitcoin transactions since 2012 have occurred via Blockchain.com, representing billions in transaction volume. Blockchain.com’s Series A round of $30 million closed in late 2014. At the time the company held only about 2 million Bitcoin wallets. Today it has more than 65 million wallets, created in more than 200 countries.
Bitcoin is the world’s most popular cryptocurrency, and its price exceeded $50,000 Tuesday for the first time. That has added significant investor interest in it and cryptocurrencies in general as well as the industry.
For example, American electric vehicle and clean energy company Tesla Inc. recently bought $1.5 billion in Bitcoin and plans to accept it as payment. Mastercard Inc. and BNY Mellon have also shown interest in the cryptocurrency this year, leading to further speculation.
“Our Institutional Markets business is growing exponentially, and while the Wallet remains the core of our business, our Institutional business is now significant enough to cover the entire operating cost of the business globally while also delivering additional operating profits,” said Peter Smith, Blockchain.com’s co-founder and chief executive.
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