Feb 20, 2023
Blockchain.com Refutes Rumors of Selling Assets
Cryptocurrency exchange and financial services firm Blockchain.com has denied rumors that it is attempting to sell any of its assets or subsidiaries, and that it is in talks with other crypto firms about potential deals. This was confirmed by a spokesperson from the company in a statement to Cointelegraph on Feb. 18.
The denial follows reports citing anonymous sources, which claimed that executives of the company had discussed selling parts of its business to other crypto firms, including Coinbase, between December and January. According to the spokesperson, “no Blockchain.com businesses are for sale. Blockchain.com is an asset buyer, not a seller.”
Despite the denials, it is true that Blockchain.com has been actively seeking additional capital for its operations since October 2022. Bloomberg reported that the company was seeking a $3 to $4 billion valuation in the round, which would help it to better navigate the crypto bear market.
The company’s venture arm also recently exited an 80% position at PolySign, a startup working on infrastructure for financial institutions. Furthermore, in January, the company laid off 110 employees, or 28% of its staff. This followed a loss of $270 million on loans made to the bankrupted hedge fund Three Arrows Capital (3AC) in July 2022.
Blockchain.com claims to have over 37 million verified clients using 86 million wallets and a presence in 200 countries. It has secured a number of funding rounds, including 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. Most recently, 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.
The company is now looking to capitalize on the growth of the web3 space, and is focusing on NFT promotion and marketing. It recently launched a new NFT marketing agency, which will help companies to create and promote their NFTs on social media platforms such as Twitter. The agency will also provide guidance on how to best use NFTs to drive sales and increase brand awareness.
Blockchain.com is also looking to capitalize on the growing demand for NFTs, and is offering services to help companies to create, market, and sell their NFTs. The company is leveraging its extensive network of crypto and web3 partners to provide a comprehensive suite of services to help companies launch and promote their NFTs.
With its focus on NFT promotion and marketing, Blockchain.com is well-positioned to capitalize on the growth of the web3 space. The company’s venture arm has already exited an 80% position at PolySign, and its new NFT marketing agency will help companies to better promote and sell their NFTs. With its extensive network of crypto and web3 partners, Blockchain.com is well-placed to take advantage of the growing demand for NFTs.
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