Blockchain.com, the popular crypto wallet and data provider, has announced on February 17 (Wednesday) that it has raised a $120-million funding round that follows its earlier Series B round for $40 million.
It has been reported that several notable macro investment funds joined the round, including Moore Strategic Ventures, Access Ventures, Rovida Advisors, Lightspeed Venture Partners, Google investment spin-off GV, Lakestar, Eldridge, Hayman Capital’s Kyle Bass, and others.
However, the funding will be used to bolster Blockchain.com’s growing Institutional Markets business. The company recently expanded its suite and began offering crypto custody, trade execution, and lending services tailored for institutional investors.
Blockchain.com’s main business was a multi-cryptocurrency wallet, which processed 28% of all Bitcoin (BTC) transactions. Since then, the company has launched an exchange and a successful crypto lending service. Its institutional business is “growing exponentially” and has become significant enough to cover the company’s entire business expenses and then some, though the crypto wallet remains its core product.
Peter Smith, the CEO of Blockchain.com, said that the investment from major traditional finance funds illustrates the shift in perception toward cryptocurrencies.
Thus, he wrote on Twitter:
“Paradigm shifts like crypto can feel to the world as though they happened overnight. But for those of us working day in and day out to build technology and innovation in crypto, this has been a long time coming.”