Home Crypto News No companies are on the market, says Blockchain.com

No companies are on the market, says Blockchain.com

by Cryptoroz

Cryptocurrency alternate and monetary companies agency Blockchain.com has denied makes an attempt to promote property or subsidiaries, and it isn’t in talks with different crypto companies about doable offers, a spokesperson advised Cointelegraph on Feb. 18. 

Based on studies citing nameless sources, executives of the corporate mentioned promoting elements of its enterprise to different crypto companies – together with Coinbase – between December and January. Blockchain.com refutes the rumors:

“No Blockchain.com companies are on the market. Blockchain.com is an asset purchaser, not a vendor.”

The corporate, nonetheless, has been engaged on elevating extra capital for its operations since October 2022, even at a major low cost to earlier valuation. On the time, the spherical was anticipated to end in a $3 billion to $4 billion valuation, reveals a Bloomberg report. The potential spherical would assist Blockchain.com to navigate amid the crypto bear market. 

Blockchain.com does not deny the efforts to boost capital, however disputes claims about promoting property. The corporate’s enterprise arm not too long ago exited an 80% place at PolySign, a startup engaged on infrastructure for monetary establishments.

Associated: What to anticipate from crypto the yr after FTX

About 110 workers from Blockchain.com, or 28% of its employees, had been laid off in January, just some months after the corporate downsized its headcount by 150 in July 2022 following a lack of $270 million on loans made to the bankrupted hedge fund Three Arrows Capital (3AC).

Blockchain.com claims to have over 37 million verified shoppers utilizing 86 million wallets, and presence in 200 international locations. In March 2022, the corporate secured a brand new funding led by world enterprise capital agency Lightspeed Ventures and funding administration agency Baillie Gifford & Co, bringing its valuation to $14 billion from $5.2 billion.

Earlier funding features a $300 million Sequence C spherical in March 2021 led by DST World Companions, Lightspeed Enterprise Companions and VY Capital, in addition to $120 million from a wide selection of enterprise capital companies.

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