One of the most popular Crypto assets exchanges “Blockchain.com” announced that it has raised over $120 million in funding. The offers the facility of crypto exchange, wallets, explorer, and others.
Reportedly on Wednesday’s funding Kyle Bass, Lightspeed Venture Partners, GV, Access Industries, Lakestar, Moore Strategic Ventures, and many others participated. The company is terming this funding round as a successful event. The company reportedly has raised over $190 million since its advent.
The company was originally named “Blockchain.info” and started its business as only a blockchain explorer. An explorer actually lets the user get more information about the transaction that occurs on a blockchain network. It uses various data from the blockchain and then with the help of a database arranges the data to present the user. The types of information it provides include the amount of transaction, fees, confirmation number, wallet address of sender and receiver. Blockchain.info started off with Bitcoin and later on added support for other blockchains and other types of assets.
Blockchain.com with its success then built a Bitcoin wallet which evolved and now supports other cryptocurrencies stablecoins. The wallet offered by blockchain.com is a non-custodial wallet which means the user is in total control of the wallet. Similar services are provided by Coinbase Wallet, ZenGo, Argent and few others.
Some users prefer buying their cryptocurrency through crypto exchanges and then keep them on their accounts at the exchange.In this scenario, such user doesn’t control their wallets instead the exchange takes care of their assets for them.
Both of these kinds of wallets have their advantages and disadvantages. Supposedly if an exchange gets hacked or login information is compromised then the assets in custodial wallet are not safe. And if a user forgets or loses the security key to its noncustodial wallet then they can’t access it either.Blockchain.com and other noncustodial wallet providers have made some kind of backup to somehow counter this risk.
Blockchain.com has also informed that more than 65 million wallets have been created on its website or through mobile apps. Blockchain.com claims to have managed around 28% of Bitcoin transactions since 2012.
With the current surges in the value of crypto, the market stakeholders are enjoying a great deal of profits. Bitcoin is currently being traded for somewhere around $51,700 apiece with its market increased close to $1 Trillion. However, if we look at growth in terms of percentage then Ether has grown exponentially this year. The analysts had predicted to Ether to be reaching the price value of $1,400 apiece this year. Ether has seen huge surges and is not steadily been traded at around $1,930 per coin. Same time last year, Ether was valued at around $260 per coin. With over approximately 900% surge in its value Ether has the highest growth rate in the last 12 months.
Blockchain.com did not want to be left out of the trade market benefits and therefore held this funding round. This also proved really beneficial for them as it helped them raise over $120 million