Science

London startup Blockchain raises US$40 million in fresh funding

London startup Blockchain raises US$40 million in fresh funding”

It remains to be seen if interest from tech giants like GV will inspire more traditional venture capitalists to take note of cryptocurrency.

Blockchain, the London-based bitcoin currency service provider, has raised $40 million of fresh funding, representing one of the largest investment rounds in the financial technology sector since Britain's vote to leave the European Union. Investor and current board member Jeremy Liew from Lightspeed Venture Partners confirmed, "Blockchain was one of the first digital currency wallets, quickly grew to market leadership, and has only extended its lead since then". And I'm sure other cryptocurrency startups are now raising more funding too. When the startup announced its previous $30 million funding round, it was only managing 2.3 million bitcoin wallets at the time. This brings our total capital raised to over $70 million and we're thrilled to welcome some of the most well-respected investors in the world to the Blockchain family. Bitcoin trade price is close 3000 dollars now. With the majority of staff working in London, the company's official headquarters are in Luxembourg. It provides individuals with a software program and online tools to deposit, exchange, and conduct various transactions with other users. "Blockchain is on a mission to create a financial system that is faster, more inclusive, and radically different than the status quo". It now has a gross expansion of users in up to 140 countries.

Now that Blockchain has $40 million of new "rocket fuel" in its tanks, Smith said, "you can expect new products aimed at allowing anyone to transact, save or hedge digital assets with greater speed, efficiency and control". Banks around the world are also pouring huge amounts of resources into trying to apply the blockchain technology that underpins bitcoin to the mainstream financial world. "We've made significant strides, but we're just getting started". The cash boost will also aid in internal research and development toward new product offerings.

Speaking to CNBC on Thursday, Peter Smith stated that the funding will help meet specific goals the company has.

The gross added value of Blockchain is forecast to be over $176 billion by 2025, exceeding to $3.1 trillion by 2030.



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