sees $10 billion wiped out from its valuation

abdelaziz Fathi

Cryptocurrency exchange and wallet provider has concluded a $110 million funding round led by Kingsway Capital, reflecting the renewed interest in crypto-related venture capital investments amidst this year’s resurgence in prices.

The Series E round was primarily led by UK-based Kingsway Capital, along with contributions from Baillie Gifford, Lakestar, Lightspeed Venture Partners, Coinbase Ventures, among others. The capital injection also introduces two new board members; Manny Stotz, the founder and CEO of Kingsway as well as a longtime crypto investor and expert, and Nicolas Brand, Partner at Lakestar.

Despite the infusion of strategic financing, the company was valued at less than half of its previous valuation in spring 2022. At the time, raised an undisclosed amount in its Series D funding round at a whopping $14 billion valuation. The post-money valuation more than doubled from the $5.2 billion valuation that Blockchain amassed at its Series C financing round of $300 million in March 2020.

The recent financing brings the total funds raised by since its inception in 2011 to approximately $600 million. Notable investors include Lightspeed Venture Partners, which led an investment round in early 2022, and Baillie Gifford, an early backer of Tesla, who previously participated in’s Series C round in 2021, contributing $100 million.

While exact details of the current valuation following the Series E round were not confirmed, previous reports by Bloomberg suggested that was seeking to raise funds at a valuation of $3 billion to $4 billion.

This round’s completion, though at a lower valuation than initially projected, comes after the company reportedly laid off 28% of its workforce in January. Also in July, revealed a $270 million exposure to Three Arrows Capital (3AC) after the bankrupt hedge fund failed to meet a margin call.

The insolvency of the mega crypto hedge fund has shaken the cryptocurrency industry. Many well-known crypto brokers and lenders disclosed huge losses that forced some of them to file for bankruptcy.

The news came barely weeks after said it is interviewing investment bankers about going public as soon as this year. The company hasn’t made a final decision, though, and its plans for an initial public offering (IPO) could change, and the public debut could also slip to next year.

Macrina Kgil, chief financial officer of, told Forbes last year that they are considering going public, but there were no immediate plans for action., led by CEO and co-founder Peter Smith, is said to have registered 73 million crypto wallets and over 31 million verified users in more than 200 countries. It also claims a market share of 28% of all bitcoin transactions.

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