London-based crypto services provider Blockchain.com raised $ 300 million in a new investment round that saw the company value $ 5.2 billion – up from $ 3 billion just a month ago.

Led by DST Global, Lightspeed Venture Partners, and VY Capital, the investment round is the third-largest fundraiser in the crypto industry to date. The amount is similar to the amount received in one round from Bakkt in March 2020, and was only after $ 350 million from BlockFi earlier this year and $ 400 million from Bitmain Technologies in 2018.

Just one month ago, Blockchain.com raised $ 120 million for a subsequent $ 3 billion valuation. The Wall Street Journal reports that while cryptocurrency fundraising has dropped from $ 4.5 billion in 2018 to $ 2.7 billion by 2020, the three largest fundraisers in industry history have already passed this year.

Blockchain.com plans to use the new money to hire more employees and support its corporate activities. In the words of CEO Peter Smith:

“The corporate side requires more capital. When you get rid of the asset managers, they see a big balance sheet.”
Smith added that if the current trend in Bitcoin (BTC) prices continues, he expects Blockchain.com’s profits to reach an all-time “nine-digit number” in 2021. Business activity has reportedly doubled since the start of this year. Smith said the company has 31 million approved users in 200 countries and 70 million registered digital wallets. Meanwhile, since its founding in 2011, it has raised $ 1.5 billion.

Smith also advised companies to “carefully consider their options in the public market,” and closely monitor the results of Coinbase’s upcoming IPO later this year. Coinbase’s estimated value before the IPO by early March was around $ 100 billion, and it wants to sell as many as 115 million shares on the Nasdaq exchange.

Source: CoinTelegraph

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