Feb 20, 2023
Blockchain.com Denies Rumors of Selling Assets
Blockchain.com, a cryptocurrency exchange and financial services firm, has denied reports that it is attempting to sell any of its assets or subsidiaries, and has stated that it is not currently in talks with other crypto firms.
The reports, which cited anonymous sources, suggested that executives of the firm had discussed selling parts of its business to other crypto firms, such as Coinbase, between December and January. A spokesperson for the company has since refuted the rumors, saying:
“No Blockchain.com businesses are for sale. Blockchain.com is an asset buyer, not a seller.”
While the company has not denied that it is seeking additional capital for its operations, it has maintained that it is not selling assets. In October 2022, Blockchain.com’s venture arm exited an 80% position at PolySign, a startup working on infrastructure for financial institutions.
In January of this year, the company laid off 110 employees, or 28% of its staff. This was preceded by a downsizing of 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).
Despite the losses, Blockchain.com has seen significant growth in recent years. The company claims to have over 37 million verified clients using 86 million wallets, and a presence in 200 countries. In March 2022, the company secured 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.
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.
The company’s growth has been largely fueled by its focus on NFT promotion and marketing. Blockchain.com has developed a range of services, such as NFT marketing, Twitter NFT marketing, and NFT promotion, which are designed to help clients to sell their NFTs and promote them to new audiences. The company has also become a leading web3 agency, offering a range of services to help clients to make the most of the web3 space.
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