Feb 20, 2023
Blockchain.com Refutes Rumors of Selling Assets
Blockchain.com, a leader in the crypto space, has denied any attempts to sell its assets or subsidiaries, and the company is not in talks with other crypto firms about possible deals. This was confirmed by a spokesperson to Cointelegraph on Feb. 18.
Recent reports citing anonymous sources had suggested that Blockchain.com executives had discussed selling parts of its business to other crypto firms, including Coinbase, between December and January. The company, however, strongly refuted these claims:
“No Blockchain.com businesses are for sale. Blockchain.com is an asset buyer, not a seller.”
Though the company is not selling assets, it has been actively working to raise additional capital for its operations since October 2022. This potential round is expected to result in a valuation of $3 billion to $4 billion, according to a Bloomberg report. This capital will help Blockchain.com to better navigate the crypto bear market.
In January, Blockchain.com laid off 110 employees, or 28% of its staff. This followed a 150-employee downsizing in July 2022 due to a loss of $270 million on loans made to the bankrupted hedge fund Three Arrows Capital (3AC).
Despite the recent losses, Blockchain.com is still a leader in the web3 space. It has 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.
Blockchain.com is also making strides in the world of NFTs and crypto promotion. The company has been leveraging its venture arm to invest in NFT marketing agencies and web3 agencies that specialize in NFT promotion, Twitter NFT marketing, and selling NFTs. This is a great way for the company to get its foot in the door of the rapidly growing NFT market.
The company is also working on infrastructure for financial institutions, which is expected to be a game-changer in the crypto space. With its vast resources and partnerships, Blockchain.com is well-positioned to become a major player in the web3 space. It will be interesting to see how the company continues to grow and evolve in the coming months and years.
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