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Bitcoin Startup Blockchain Raises Record $40 Million in Google Ventures-led Series B

Last Updated March 4, 2021 4:57 PM
Samburaj Das
Last Updated March 4, 2021 4:57 PM

Bitcoin wallet and technology giant Blockchain.info, one of the industry’s earliest startups, has raised $40 million in a fresh round of funding.

London-based Blockchain has secured the largest Series B by a bitcoin firm in 2017. The investment, the company claims, is also the single biggest investment in the fintech space in the post-Brexit economy. The second round of Blockchain’s institutional funding was led by European venture capital firm Lakestar and GV, formerly Google Ventures, the venture capital arm of Alphabet Inc., Google’s parent company. Prolific industry investor DCG (Digital Currency Group) and Nokota manaManagemento participated. As did existing investors in billionaire Richard Branson, Lightspeed, Mosaic and Virgin, among others.

“Blockchain was one of the first digital currency wallets, quickly grew to market leadership and has only extended its lead since then,” stated Lightspeed’s board member Jeremy Liew. “Now that bitcoin and Blockchain have started to get broader traction, they are the best positioned to become the mainstream leaders.”

Blockchain claims the new capital will help in expansion and localization efforts around the world. The cash boost will also aid in internal research and development toward new product offerings. The company will look to grow its employee count, which currently stands close to 50 people.

Blockchain founder and CEO Peter Smith stated:

The 14 trillion-dollar financial services industry hasn’t meaningfully changed in over a century. Blockchain is on a mission to create a financial system that is faster, more inclusive, and radically different than the status quo.

Founded in 2011, Blockchain sees most of its staff working out of its London office, at an opening facilitated by former UK prime minister David Cameron this year, despite being officially headquartered in Luxembourg. Blockchain previously raised $30.5 million in 2014. The company’s data analytics offerings of the bitcoin blockchain is popular among digital currency observers and enthusiasts, aside from seeing nearly 15 million bitcoin wallets issued to users.

Blockchain’s fundraising comes at a time when San Francisco-based digital currency exchange Coinbase is looking to raise funds at a valuation of over $1 billion in a year where the entire cryptocurrency ecosystem has seen tremendous value gains, spiking from $17 billion at the turn of the year to $110 billion at the time of publishing.

Featured image from Peter Smith  from YouTube.