raises $300M in crypto industry’s third-largest capital raise

by Gordon James

London-based cryptocurrency provider has raised $300 million in a new funding round that values the company at $5.2 billion, up from $3 billion a month ago.

The investment round was led by DST Global, Lightspeed Venture Partners and VY Capital and is currently the third largest capital raised in the cryptocurrency sector. That amount matches what Bakkt raised in one round in March 2020, and is only behind the $350 million raised by BlockFi earlier this year and the $400 million raised by Bitmain Technologies in 2018.

Just a month ago, raised $120 million, with a subsequent valuation of $3 billion. The Wall Street Journal notes that while fundraising for cryptocurrencies has dropped from $4.5 billion in 2018 to $2.7 billion in 2020, this year has already seen the three largest fundraising events in the sector’s history. plans to use the new funds to hire more employees and support its institutional operations. According to CEO Peter Smith:

The institutional side requires more capital. When you represent asset managers, they want to see a good track record.

Smith added that if the current rise in the price of bitcoin (BTC) continues, he expects’s profits to reach an all-time high in the mid-90s by 2021. According to reports, activity has already doubled since the beginning of the year. Smith said the company has 31 million verified users in 200 countries and 70 million registered digital wallets. Since its inception in 2011, it has raised a total of $1.5 billion.

Smith also said that the company is carefully weighing its options for an IPO and is closely monitoring the outcome of Coinbase’s highly anticipated IPO later this year. Coinbase estimates that it will be worth about $100 billion in early March, ahead of its IPO, and it plans to sell up to 115 million shares on the Nasdaq exchange, according to its latest filing with the U.S. Securities and Exchange Commission.

Related Tags:

best crypto wallet,is bitcoin safe,new cryptocurrency,bitcoin news today,Privacy settings,How Search works

Related Posts