Blockchain.com reportedly exploring IPO this year
The crypto firm is reportedly set to go public in light of a recent valuation that places the company at $14 billion
By Shashank Bhardwaj
UK-based cryptocurrency startup Blockchain.com is interviewing banks for an initial public offering (IPO), according to reports, which may happen as early as this year.
Blockchain.com is a financial services firm based in London that began as the first Bitcoin blockchain explorer. The company specialises in developing crypto wallets that allow customers to transfer, receive, and manage Bitcoin, Bitcoin cash, and Ether. Blockchain.com processes one-third of all bitcoin network transactions and has around 37 million verified users.
Since its inception in 2011, Blockchain.com has raised $500 million in funding, including a $300 million round led by DST Global, Lightspeed Venture Partners, and VY Capital in March 2021. Following a recent investment round with major venture capital firms, the company is now valued at around $14 billion.
While sources familiar with the matter told Bloomberg that the talks were just preliminary discussions and that the firm's plans could change at any time, Blockchain.com is the latest crypto company in line to explore an IPO. Kraken, a cryptocurrency exchange and one of the world's oldest Bitcoin exchanges, is slated to go public as well.
Earlier this month, Blockchain.com had introduced BCAM–an asset management solution aimed at institutional and high-net-worth investors–in partnership with Altis Partners, an investment firm that manages futures portfolios. BCAM is powered by Blockchain.com, while investment management services are provided by Altis. BCAM, which will track Bitcoin's price against the US dollar, aims to reduce the risk of investing in Bitcoin by providing "algorithm-based risk-managed exposure" to the currency.
Blockchain.com also plans to expand beyond crypto by offering a trading platform for retail and institutional clients, in addition to custody, clearing, and settlement services. According to The Wall Street Journal, company co-founder and CEO Peter Smith hopes to have foreign-currency exchange, corporate shares, options, and other financial products available on the platform by the end of 2024.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash