Cryptocurrency exchange and financial services firm Blockchain.com has denied attempts to sell assets or subsidiaries, and it is not in talks with other crypto firms about possible deals, a spokesperson told Cointelegraph on Feb. 18.\u00a0<\/p>\n
According to reports citing anonymous sources, executives of the company discussed selling parts of its business to other crypto firms – including Coinbase – between December and January. Blockchain.com refutes the rumors: <\/p>\n
“No Blockchain.com businesses are for sale. Blockchain.com is an asset buyer, not a seller.”<\/p><\/blockquote>\n
The company, however, has been working on raising additional capital for its operations since October 2022, even at a significant discount to previous valuation. At the time, the round was expected to result in a $3 billion to $4 billion valuation, shows a Bloomberg report. The potential round would help Blockchain.com to navigate amid the crypto bear market.\u00a0<\/p>\n
Blockchain.com doesn’t deny the efforts to raise capital, but disputes claims about selling assets. The company’s venture arm recently exited an 80% position at PolySign, a startup working on infrastructure for financial institutions. <\/p>\n
Related:<\/em><\/strong> <\/em><\/strong>What to expect from crypto the year after FTX<\/em><\/strong><\/p>\nAbout 110 employees from Blockchain.com, or 28% of its staff, were laid off in January, just a few months after the company downsized its headcount by 150 in July 2022 following a loss of $270 million on loans made to the bankrupted hedge fund Three Arrows Capital (3AC).<\/p>\n
Blockchain.com claims to have over 37 million verified clients using 86 million wallets, and presence in 200 countries. In March 2022, the company secured a new funding led by global venture capital firm Lightspeed Ventures and investment management firm Baillie Gifford & Co, bringing its valuation to $14 billion from $5.2 billion. <\/p>\n
Previous funding includes a $300 million Series C round in March 2021 led by DST Global Partners, Lightspeed Venture Partners and VY Capital, as well as $120 million from a wide array of venture capital firms.<\/p>\n
Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Cryptocurrency exchange and financial services firm Blockchain.com<\/p>\n","protected":false},"author":3,"featured_media":171237,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
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