PYMNTS.com November 15, 2023
Blockchain.com’s latest funding round has reportedly cut its valuation by more than half.
The cryptocurrency exchange announced Tuesday (Nov. 14) that it had raised $110 million in a Series E round led by Kingsway Capital. A report by Bloomberg News citing a source familiar with the matter says the new financing values Blockchain.com at under half of the $14 billion it reached last year.
That was before a downturn in the crypto market left the company and others like it on shaky ground. Blockchain.com announced in July of last year that it was letting go of 150 people — a number that amounted to a quarter of its staff.
Those layoffs followed the company’s $270 million loss to Three Arrows...
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