Crypto exchange Blockchain.com has secured a $110 million raise in Series E financing.
Kingsway Capital, an investment management firm based in the UK, led the new funding round, according to a company release. Additional participants include Baillie Gifford, Lakestar, Lightspeed Venture Partners, Coinbase Ventures and others.
Blockchain.com’s valuation sits at “less than half of” $14 billion, Bloomberg reported citing sources familiar with the matter. The firm reached its $14 billion valuation in March of 2022 after an undisclosed amount raised in a Series D financing round.
Manny Stotz, Kingsway Capital founder and CEO, and Nicolas Brand, partner at Lakestar, have joined Blockchain.com’s board of investors following the round.
Kingsway Capital had also led another undisclosed funding round for Blockchain.com that closed in the third quarter of last year, The Block previously reported in October of 2022.
Blockchain.com’s struggles
Blockchain.com was left with a $270 million hole after the 2021 collapse of the crypto lender Three Arrows Capital, which the company had lent funds to.
The firm laid off 150, or 25%, of its staff, closed its Argentinian office and reduced CEO compensation in July 2022.
Blockchain.com did not immediately respond to The Block’s request for comment.
