James Spillane
Bitcoin pricing is on the decline, but that doesn’t mean Bitcoin startups are suffering. Blockchain on Tuesday announced that it has raised $30.5 million in Series A funding. The capital infusion marks one of the largest funding rounds in bitcoin history.
Blockchain has proven to be one of the most popular Bitcoin wallet services. Founded three years ago, the company has never taken outside investment, yet it has managed to build up a user base of more than 2 million bitcoin wallets.
In a blog post announcing the funding round, Blockchain’s cofounders wrote, “As we thought about the next five years for our users and for the company, we knew it was time to bring on additional resources. We searched long and hard for the right investors to bring onto the team to help us scale, to advise us and work with us to bring bitcoin to the next 20 million people.”
The funding was led by Lightspeed Venture Partners and Wicklow Capital.
Blockchain’s $30.5 million capital infusion matches that of Coinbase and Bitpay, and outpaces Circle.
The company spent years operating as a lean operation that delivered exactly what Bitcoin users wanted in a wallet.
The new funding comes at a time when Bitcoin has lost more 66 percent of its value in under one years time. Bitcoin prices peaked at $1,100 in late 2013, but fell below $300 this month.
This article was written for Business 2 Community by James Spillane.
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