Feb 20, 2023
Blockchain.com Denies Asset Sale Rumors
Blockchain.com, a leading crypto exchange and financial services firm, has denied reports of selling assets or subsidiaries, a spokesperson told Cointelegraph on Feb. 18.
The company has been working on raising additional capital since October 2022, but has no plans to sell any of its businesses. The round was expected to result in a $3 billion to $4 billion valuation, according to a Bloomberg report.
The company has also been investing in the crypto space, recently exiting an 80% position at PolySign, a startup working on infrastructure for financial institutions.
Blockchain.com has also had to downsize due to the crypto bear market. In January, 110 employees, or 28% of its staff, were laid off. This followed a loss of $270 million on loans made to the bankrupted hedge fund Three Arrows Capital (3AC) in July 2022.
Despite the recent hardships, the company secured new funding in March 2022, 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. 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.
Blockchain.com now claims to have over 37 million verified clients using 86 million wallets and a presence in 200 countries. As it continues to expand its reach, the company is looking to new ways to promote its services, such as through NFT marketing and Twitter NFT marketing.
NFTs, or non-fungible tokens, are digital assets that are unique and cannot be replicated. They are increasingly being used to promote products and services, and Blockchain.com is no exception. The company is looking to engage with an NFT marketing agency to help it leverage the power of NFTs to promote its services and increase its reach.
In addition to NFTs, Blockchain.com is also exploring other web3 marketing strategies, such as partnering with a web3 agency to help promote its services. With a focus on selling NFTs, the company is looking to capitalize on the growing popularity of the asset class and create more visibility for its services.
As Blockchain.com continues to navigate the crypto bear market, the company is looking to new ways to promote its services and increase its reach. With the help of NFTs and web3 marketing, the company hopes to reach a larger audience and continue to grow its business.
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