Cryptocurrency alternate and monetary providers agency Blockchain.com has denied makes an attempt to promote belongings or subsidiaries, and it’s not in talks with different crypto corporations about potential offers, a spokesperson advised Cointelegraph on Feb. 18.
In accordance with reviews citing nameless sources, executives of the corporate mentioned promoting elements of its enterprise to different crypto corporations – together with Coinbase – between December and January. Blockchain.com refutes the rumors:
“No Blockchain.com companies are on the market. Blockchain.com is an asset purchaser, not a vendor.”
The corporate, nonetheless, has been engaged on elevating further capital for its operations since October 2022, even at a big low cost to earlier valuation. On the time, the spherical was anticipated to lead to a $3 billion to $4 billion valuation, reveals a Bloomberg report. The potential spherical would assist Blockchain.com to navigate amid the crypto bear market.
Blockchain.com does not deny the efforts to boost capital, however disputes claims about promoting belongings. The corporate’s enterprise arm lately exited an 80% place at PolySign, a startup engaged on infrastructure for monetary establishments.
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About 110 workers from Blockchain.com, or 28% of its workers, had been laid off in January, only a few months after the corporate downsized its headcount by 150 in July 2022 following a lack of $270 million on loans made to the bankrupted hedge fund Three Arrows Capital (3AC).
Blockchain.com claims to have over 37 million verified shoppers utilizing 86 million wallets, and presence in 200 international locations. In March 2022, the corporate secured a brand new funding led by international enterprise capital agency Lightspeed Ventures and funding administration agency Baillie Gifford & Co, bringing its valuation to $14 billion from $5.2 billion.
Earlier funding features a $300 million Sequence C spherical in March 2021 led by DST International Companions, Lightspeed Enterprise Companions and VY Capital, in addition to $120 million from a big selection of enterprise capital corporations.