Blockchain.com Valuation Drops, Still Gets IDR 1.7 Trillion Fund Injection

JAKARTA - Blockchain.com, a leading crypto exchange and wallet service provider, is reported to have received an injection of $110 million (Rp1.7 trillion) in the Series E round led by Kingsway.

However, according to Bloomberg, the company's valuation dropped drastically to less than half of the $14 billion (Rp218 trillion) reached in early 2022. Bloomberg called this Series E round a "strategic financing" for Blockchain.com.

Even so, the company did not provide an official response regarding its decline in valuation, indicating a down round, namely a situation where the company received a lower rating than the previous round.

Blockchain.com has raised a total of $600 million (Rp9.3 trillion) from various investors, according to Crunchbase data. Apart from Kingsway, which also became a major investor in October 2022, Blockchain.com is also supported by Lightspeed Venture Partners, Coinbase Ventures, Lakestar, and Baillie Gifford in this Series E round.

Lightspeed Venture Partners are the initial investor Blockchain.com, who led the funding round in early 2022. Meanwhile, Baillie Gifford, who is known for supporting Tesla, has also invested $100 million (IDR 1.6 trillion) for Blockchain.com in the Series C round in 2021.

For additional information, Blockchain.com is a company that provides crypto exchange and wallet services. The company was founded in 2011 by Nicolas Cary, Peter Smith, and Ben Reeves, with the initial name Blockchain.info. This name is taken from the term blockchain, which is the technology that forms the basis of cryptocurrencies such as bitcoin.

In 2014, the company changed its name to Blockchain.com, and started offering a variety of crypto-related products and services, such as trading platforms, loans, and investments. Blockchain.com is one of the largest crypto companies in the world, with more than 76 million registered wallets and more than $500 billion transactions processed.