Blockchain.com lands $120m in funding

London-based cryptocurrency wallet provider Blockchain.com has landed $120 million in funding, as bitcoin surged past $50,000 earlier this week.

Investors in the round included Google Ventures, Moore Strategic Ventures, Kyle Bass, Access Industries, Rovida Advisors, Lightspeed Venture Partners, Lakestar, and Eldridge.

The firm, which received its first Series A funding round in 2014, has now raised more than $190 million to date.

The company went on to claim over 65 million cryptocurrency wallets have been created in over 200 countries via its platform, and 28 per cent of all Bitcoin transactions since 2012 have been processed via Blockchain.com.

Blockchain.com said it was excited by the recent movement of institutional investors into cryptocurrencies, and though the wallet functionality remains the core of the company’s business its institutional markets business is “growing exponentially”.

The company also highlighted distrust in traditional financial institutions, and the rise of e-commerce, calling crypto the “real RobinHood of finance”.

“I couldn’t be more optimistic about the future, but there’s so much more to do,” said Blockchain.com chief executive Peter Smith. “It’s time to bring billions of people into crypto and millions of institutions around the world.”

He added: “It’s time to build a financial system for the internet.”

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