Crypto Companies Make Waves with $90M+ in Funding
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Crypto Funding Resurgence: Blockchain.com, OSL, and Fnality Lead the Charge In a surprising turn of events amidst a funding dry spell in the crypto space, this week witnessed three major players securing substantial raises, marking some of the largest crypto funding rounds in recent months. Blockchain.com, a renowned crypto exchange and wallet service, secured an impressive $110 million in a Series E funding round led by Kingsway. Simultaneously, the parent company of crypto exchange OSL, BC Technology Group, raised $91 million through a strategic share subscription. Additionally, tokenized currency firm Fnality announced a significant $95 million funding round with leading participation from financial heavyweights Goldman Sachs and BNP Paribas. These substantial fundraises come at a time when the crypto industry has been grappling with a funding slump, experiencing consecutive quarterly declines in venture capital since the beginning of 2022. Despite the overall trend, Blockchain.com’s Series E round marked the year’s fourth-largest fundraising effort, ranking behind Blockstream, LayerZero, and Worldcoin, according to data from DeFiLlama. While Blockchain.com did not disclose its valuation, reports suggest a figure significantly lower than the $14 billion valuation secured last year. As part of the funding deal with Kingsway, Manny Stotz, CEO of UK venture firm Kingsway, and Nicolas Brand, a partner at VC fund Lakestar, will join the board of directors at Blockchain.com. This strategic move positions Blockchain.com for further growth and development in the dynamic crypto landscape. In a separate development, BC Technology Group, the Hong Kong-based owner of OSL, received a significant boost of $91 million when crypto firm BGX acquired nearly 30% of the company’s stock through a share subscription. This comes on the heels of OSL becoming one of the first exchanges, alongside HashKey, to acquire Hong Kong’s new license, allowing the facilitation of retail crypto trading in the city. The…
Filed under: News - @ November 20, 2023 8:12 pm