Blockchain.com is refute rumors that they are selling assets
Rebeca Moen Feb 20, 2023 09:03
Blockchain.com denies selling assets or subsidiaries.
Between the months of December and January, officials of the company are said to have explored the possibility of selling sections of its business to other cryptocurrency companies, including Coinbase, according to publications that cite anonymous persons as their sources. In response to the reports, Blockchain.com issued the following statement: "No Blockchain.com firms are for sale." Blockchain.com is not a vendor of assets but rather a buyer of them.
However, from October 2022, the firm has been making efforts to raise more funding for its operations. This is being done even at a large discount to earlier values of the company's stock. According to a report by Bloomberg, at the time of the round, it was anticipated that the company would be valued at between $3 billion and $4 billion. The prospective round would assist Blockchain.com in navigating the weak market for cryptocurrencies more effectively.
The attempts to acquire funds are not denied by Blockchain.com, but the company rejects the assertions that assets are being sold. PolySign is a business that is working on infrastructure for financial institutions. Just recently, the firm's venture arm sold its 80% stake in the company.
Just a few short months after the company reduced its headcount by 150 in July 2022 in response to a loss of $270 million on loans made to the defunct hedge fund Three Arrows Capital, Blockchain.com terminated the employment of approximately 110 of its workers in January, representing 28% of the company's total workforce (3AC).
Blockchain.com claims that it has more than 37 million verified customers who use 86 million wallets and that it has a presence in 200 countries. Following the acquisition of fresh financing in March 2022, which was headed by the global venture capital firm Lightspeed Ventures and the investment management firm Baillie Gifford & Co, the company's value increased to $14 billion, up from $5.2 billion before.
Previous investment included a $300 million Series C round that took place in March 2021 and was headed by DST Global Partners, Lightspeed Venture Partners, and VY Capital, as well as $120 million from a broad variety of venture capital organizations.
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