Blockchain.com denies selling assets or subsidiaries
A spokesperson from the cryptocurrency exchange and financial services firm Blockchain.com has denied any attempts to sell assets or subsidiaries and dismissed reports of negotiations with other crypto firms regarding potential deals. The company also declared that there are no ongoing talks concerning such matters.
Anonymous sources recently alleged that Blockchain.com executives discussed selling portions of the business to other crypto companies, including Coinbase, between December and January; however, Blockchain.com has denied these claims.
Although Blockchain.com is not in the market to sell its businesses, they have been exploring potential capital-raising opportunities since October 2022 at a discounted valuation from previous prices. According to reports, this round could result in a $3 billion-$4 billion evaluation for the company and give them much-needed resilience during these crypto bear markets.
Although Blockchain.com has been working hard to raise capital, the company has refuted claims relating to the sale of assets. Recently their venture arm liquidated an 80% stake in PolySign, a startup dedicated to creating infrastructure for banks and other financial institutions.
In January, Blockchain.com laid off 110 employees(about 28% of its staff); this was after it downsized 150 employees in July 2022 due to a $270 million loss from loans extended to 3 Arrows Capital which is now bankrupt.
Blockchain.com boasts 37 million verified users with 86 million wallets in 200 countries worldwide. In March 2022, the company received another round of funding from Lightspeed Ventures and Baillie Gifford & Co., skyrocketing its estimated worth to $14 billion —double what it was just one year ago.
Previously, Blockchain.com earned $300 million in a Series C round in March 2021, led by DST Global Partners, Lightspeed Venture Partners, and VY Capital. In addition, the company secured about $120 million from various venture capital firms.
