UPDATED 10:36 EST / FEBRUARY 17 2021

BLOCKCHAIN

Bitcoin wallet Blockchain.com raises $120M in funding

Bitcoin and cryptocurrency wallet Blockchain.com today announced it has raised $120 million.

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.

Image: Pixabay

A message from John Furrier, co-founder of SiliconANGLE:

Show your support for our mission by joining our Cube Club and Cube Event Community of experts. Join the community that includes Amazon Web Services and Amazon.com CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger and many more luminaries and experts.

Join Our Community 

Click here to join the free and open Startup Showcase event.

“TheCUBE is part of re:Invent, you know, you guys really are a part of the event and we really appreciate your coming here and I know people appreciate the content you create as well” – Andy Jassy

We really want to hear from you, and we’re looking forward to seeing you at the event and in theCUBE Club.

Click here to join the free and open Startup Showcase event.