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Blockchain.com

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Blockchain.com
IndustryCryptocurrency
FoundedAugust 2011; 9 years ago (2011-08) in York, United Kingdom[1]
FounderBenjamin Reeves, Nicolas Cary, Peter Smith[1]
Headquarters
Key people
Peter Smith (CEO)
Jim Messina (Director)[1]
ProductsCryptocurrency wallet; cryptocurrency exchange; blockchain explorer; lending[2]
Number of employees
185
Websiteblockchain.com

Blockchain.com (formerly Blockchain.info) is a cryptocurrency blockchain explorer service, as well as a cryptocurrency wallet and a cryptocurrency exchange supporting Bitcoin, Bitcoin Cash, and Ethereum. They also provide Bitcoin data charts, stats, and market information.

History

Blockchain.com was established by Ben Reeves in 2011. He launched a website called Blockchain.info, which could be used to track bitcoin transactions.[3] The website was a block explorer, a website that allowed bitcoin users to see the details of public cryptocurrency transactions if they have the identifying hash code for the transaction.[4]

In early 2012, Reeves worked with Brian Armstrong, the co-founder of crypto-currency exchange Coinbase, on the software application to bring to startup accelerator Y Combinator's summer class that year.[5][3] They developed a payment platform for bitcoin where users could keep a digital wallet, exchange other currency for bitcoins for a percentage fee, and make payments in bitcoin.[3] Due to different opinions they parted ways prior to attending Y Combinator.[3][5] Reeves wanted to create a platform where users controlled access to their bitcoin information, while Armstrong felt that the platform should retain custody of the users wallets.[3][1] After parting ways with Armstrong, Reeves continued to work on Blockchain.info.[1]

From 2013 to 2014, Blockchain's user base grew from 100,000 wallet users in early 2013 to 1.5 million in April 2014.[6] By 2014, Blockchain.com was the most popular bitcoin wallet and was led by Nicolas Cary as CEO.[7] It had acquired two companies, ZeroBlock in 2013, and RTBTC in early 2014, through which it added data analytics services, and brought these services together under one umbrella.[6]

In February 2014, Apple Inc. removed the Blockchain.com app from the iOS App Store, prompting a public outcry in the bitcoin community, most notably within the Reddit community. At the time, it was the only bitcoin wallet app available for Apple users, as Apple had removed or denied other apps.[7] In July 2014, Apple reinstated the Blockchain.com app.[8]

During 2014, Peter Smith joined the founding team as its CEO.[5][9] The three founders, Reeves, Cary and Smith worked from Reeves' flat in York and formally established the company when bitcoin investor Roger Ver provided initial funding.[1] By October 2014, it had 2.3 million consumer wallets and raised $30.5 million in its first external fundraising round, with investors including Lightspeed Venture Partners and Mosaic Ventures.[9] This was the biggest round of financing in the digital currency sector at that time.[9] The World Economic Forum named the company as one of 2016's "Technology Pioneers".[10] In 2017, the company carried out a second round of fundraising. It closed $40 million in funding that June and the company was valued at $280 million.[5]

In 2018, Blockchain started selling services for institutional cryptocurrency.[11] In July 2019, Blockchain.com launched its cryptocurrency exchange, and promoted it as faster than others.[12][13] In September 2020, the company joined the Coalition for App Fairness which aims to negotiate for better conditions for the inclusion of apps in app stores.[14]

In 2020 the company had 31 million users and as of 2021, there were 65 million Blockchain.com wallets and 28% of bitcoin transactions since 2012 were initiated or received by a Blockchain.com wallet.[15] [2] In February 2021, Blockchain.com raised a $120 million funding round from investors including Moore Strategic Ventures, Kyle Bass, Access Industries, Rovida Advisors, Lightspeed Venture Partners, GV, Lakestar, and Eldridge.[16] Including previous venture capital funding rounds, the company had raised $190 million altogether.[5] One month later, the company announced a further $300 million fundraising round.[17] One third of the amount raised was funded by investment firm Baillie Gifford which invested $100 million.[18] Based on the fundraising round, the company was valued at $5.2 billion.

Acquisitions

In December 2013, Blockchain.com acquired ZeroBlock, an app for bitcoin pricing.[6] The following year, it acquired the data analytics platform RTBTC. It integrated RTBTC's technology with its existing services, establishing one platform offering cryptocurrency wallet, pricing and analytics, and the cryptocurrency explorer.[6]

In mid-2018, the company acquired Tsukemen, an app-development startup company based in San Francisco.[19]

See also

References

  1. ^ a b c d e f Titcomb, James (March 24, 2021). "Blockchain.com founder from York worth hundreds of millions after $5.2bn valuation". Telegraph. Retrieved March 26, 2021.
  2. ^ a b Dillet, Romain (February 17, 2021). "Crypto wallet and exchange company Blockchain.com raises $120 million". TechCrunch. Retrieved March 17, 2021.
  3. ^ a b c d e McMillan, Robert (March 26, 2014). "The Fierce Battle for the Soul of Bitcoin". Wired. Retrieved March 17, 2021.
  4. ^ Dillet, Romain (March 24, 2021). "Crypto wallet and exchange company Blockchain.com raises $300 million at $5.2 billion valuation". TechCrunch. Retrieved March 24, 2021.
  5. ^ a b c d e Hackett, Robert (February 17, 2021). "Blockchain lands $3 billion valuation after $120 million fundraising". Fortune. Retrieved March 17, 2021.
  6. ^ a b c d Vigna, Paul (April 17, 2014). "Blockchain Buys Rights to Bitcoin.com Domain Name". Wall Street Journal. Retrieved May 12, 2021.
  7. ^ a b McMillan, Robert. "Apple Yanks World's Most Popular Bitcoin Wallet From App Store | Wired Enterprise". Wired. Retrieved 2014-02-06.
  8. ^ Paul Vigna. "Blockchain's Bitcoin App Reinstated in Apple's App Store". The Wall Street Journal blogs. Retrieved 2014-07-28.
  9. ^ a b c Sydney Ember (2014-10-07). "Bitcoin Start-Ups Luring Ever More Investment". The New York Times. p. B3. Retrieved 2015-10-02.
  10. ^ "Introducing the Technology Pioneers 2016". weforum.org. World Economic Forum. Retrieved May 20, 2021.
  11. ^ Kharpal, Arjun (April 17, 2018). "Cryptocurrency wallet Blockchain hires top Goldman Sachs exec to help it boost institutional clients". CNBC. Retrieved May 13, 2021.
  12. ^ Dillet, Romain. "Blockchain (the company) launches an exchange (The Pit)". Retrieved 2 July 2020.
  13. ^ Roberts, John (July 30, 2019). "Blockchain Launches 'Fastest' Crypto Exchange in the World". Fortune. Retrieved March 17, 2021.
  14. ^ Amadeo, Ron (2020-09-24). "Epic, Spotify, and others take on Apple with "Coalition for App Fairness"". Ars Technica. Retrieved 2020-09-26.
  15. ^ Browne, Ryan (March 24, 2021). "Crypto firm Blockchain.com rides bitcoin mania to a $5.2 billion valuation". CNBC. Retrieved March 24, 2021.
  16. ^ "Crypto wallet and exchange company Blockchain.com raises $120 million". TechCrunch. Retrieved 2021-02-18.
  17. ^ Vigna, Paul (March 24, 2021). "Blockchain.com Raises $300 Million as Investors Find Other Ways Into Bitcoin". Wall Street Journal. Retrieved March 24, 2021.
  18. ^ Titcomb, James (April 20, 2021). "Top investor Baillie Gifford joins Bitcoin rush with $100m funding for Britain's Blockchain.com". The Telegraph. Retrieved May 17, 2021.
  19. ^ "Hot crypto company Blockchain is opening in San Francisco after acquiring a small app building shop". Business Insider. May 3, 2018. Retrieved March 17, 2021.

External links