Blockchain.com Isn’t Selling Subsidiary, And Coinbase Isn’t Even Aware Of It
Key Points:
- Blockchain.com is not selling any subsidiaries and has not spoken to Coinbase about potential transactions.
- Blockchain.com has sold illiquid holdings to realize gains and increase liquidity so that it can seize opportunities.
- Blockchain.com was one of several companies that purportedly had interest in buying derivatives exchanges and clearinghouse LedgerX.
Blockchain.com is not selling any subsidiaries and has not spoken to Coinbase about potential transactions.
Following the failure of hedge fund Three Arrows Capital last year, which left the company with a $270 million hole, cryptocurrency news outlet earlier said that Blockchain.com “has been trying to sell off assets in a scramble for funds.” Executives “shopped pieces of its business, including to Coinbase,” according to calls made over the past two months, according to various sources quoted by Decrypt, who declined to be named.
Coinbase’s commitment to capital markets reform can be seen in a couple of recent announcements. Earlier this month, Coinbase joined forces with Fidelity, Square and others to form the Crypto Council for Innovation, which will lobby policymakers to support the growing crypto asset industry. A couple of days later, Coinbase announced that it was joining the DeFi Alliance, an organization that supports decentralized finance (DeFi) startups with guidance around regulations and market operations.
According to the source, Blockchain.com has sold illiquid holdings to realize gains and increase liquidity so that it can seize opportunities.
According to a December article from Bloomberg News, Blockchain.com was one of several companies that purportedly had interest in buying derivatives exchanges and clearinghouse LedgerX. In a round headed by the UK-based investment company Kingsway Capital in October, BC.com raised an undisclosed sum of additional funding.
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