Blockchain.com raises $110 million in Series E at a $7 billion valuation

The bitcoin exchange Blockchain.com closed the Series E financing round of $110 million at a $7 billion valuation.

It was led by Kingsway Capital.

The funds were also provided by Baillie Gifford, Lakestar, LSVP, GV, Access Industries, Moore Capital, Prudence, Freeman Capital, Coinbase Ventures, Pledge Ventures and others.

The company’s value could have fallen by half compared with March 2022. According to Bloomberg sources, back then the bitcoin exchange was valued at $14 billion.

In July 2022 Blockchain.com reduced a quarter of its staff and the salaries of top executives. The decisions came amid possible losses of $270 million, previously lent to hedge fund Three Arrows Capital. The latter filed for bankruptcy.

In January 2023, the company announced a new wave of layoffs.

In March Blockchain.com closed the asset-management division after 11 months of operation.

In August, the bitcoin exchange received a license in Singapore.