Crypto wallet provider Blockchain.com has raised $120 million in a funding round that seeks to bolster the platform’s growing institutional markets business.
A statement from the company notes that the institutional business segment has grown exponentially to cover its entire business expenses.
The latest funding round is unique, having attracted leading institutions. Some of the investors include Moore Strategic Ventures, Access Ventures, Rovida Advisors, Lightspeed Venture Partners, Google Ventures, Lakestar, Eldridge, and Hayman Capital’s Kyle Bass.
Blockchain.com’s CEO Peter Smith affirms that attracting institutional investors shows a significant change in the cryptocurrency sector’s perception. Smith notes that:
“What excites me most about this moment is the immense optimism about cryptocurrency from serious, institutional investors. The fact that the best macro investors in the world participated in our latest fundraise is further proof that institutions are taking a serious look at their crypto strategy.”
More institutions to join the crypto sector
Smith adds that the entry of institutions into the crypto sector has been coming for a long time. He remains optimistic that more institutions around the world will join the industry in the future.
“Paradigm shifts like crypto can feel to the world as though they happened overnight — but for those of us working day in and day out to build technology and innovation in crypto, this has been a long time coming. It’s time to bring billions of people into crypto and millions of institutions around the world.” Smith added.
The company recently expanded its product offering by launching crypto trade execution, custody, and lending services designed for institutional investors. The statement maintains that despite focusing on institution business, Blockchain.com’s main business remains the multi-cryptocurrency wallet.
The company states that the wallet has processed 28% of all Bitcoin transactions. The wallet is now available in at least 200 countries, with over 65 million wallets created.
This comes as the Bitcoin bull run continues, with the asset hitting a new all-time high above $50,000. The rally has been inspired by the entry of institutions like MicroStrategy and Electric vehicle manufacturer Tesla (NASDAQ: TSLA).
Data by Crunchbase indicates that Blockchain.com had previously raised a total of $70 million in funding Series A and B funding rounds.