{"id":609900,"date":"2023-02-20T00:51:18","date_gmt":"2023-02-20T06:51:18","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/20\/no-businesses-are-for-sale-says-blockchain-com\/"},"modified":"2023-02-20T00:51:18","modified_gmt":"2023-02-20T06:51:18","slug":"no-businesses-are-for-sale-says-blockchain-com","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/20\/no-businesses-are-for-sale-says-blockchain-com\/","title":{"rendered":"No businesses are for sale, says Blockchain.com"},"content":{"rendered":"
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Financial services firm Blockchain.com doesn\u2019t deny recent efforts to raise capital but disputes claims about selling assets. <\/p>\n

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Cryptocurrency exchange and financial services firm Blockchain.com has denied attempts to sell assets or subsidiaries, and it is not in talks with other crypto firms about possible deals, a spokesperson told Cointelegraph on Feb. 18.\u00a0<\/p>\n

According to reports citing anonymous sources, executives of the company discussed selling parts of its business to other crypto firms, including Coinbase, between December and January. Blockchain.com refutes the rumors: <\/p>\n

\u201cNo Blockchain.com businesses are for sale. Blockchain.com is an asset buyer, not a seller.\u201c<\/p><\/blockquote>\n

The company, however, has been working on raising additional capital for its operations since October 2022, even at a significant discount to previous valuations. At the time, the round was expected to result in a $3 billion to $4 billion valuation,\u00a0according<\/a>\u00a0to\u00a0a Bloomberg report. The potential round would help Blockchain.com to navigate the crypto bear market better.\u00a0<\/p>\n

Blockchain.com doesn\u2019t deny the efforts to raise capital but disputes claims about selling assets. The company\u2019s venture arm recently exited an 80% position at PolySign, a startup working on infrastructure for financial institutions. <\/p>\n

Related:\u00a0<\/em><\/strong>What to expect from crypto the year after FTX<\/em><\/strong><\/a><\/p>\n

About 110 employees from Blockchain.com, or 28% of its staff, were laid off in January<\/a>, just a few months after the company downsized its headcount by 150 in July 2022 following a loss of $270 million on loans made to the bankrupted hedge fund Three Arrows Capital (3AC).<\/p>\n

Blockchain.com claims to have over 37 million verified clients using 86 million wallets and a presence in 200 countries. In March 2022, the company secured new funding led by global venture capital firm Lightspeed Ventures and investment management firm Baillie Gifford & Co, bringing its valuation to $14 billion<\/a> from $5.2 billion. <\/p>\n

Previous funding includes a $300 million Series C round in March 2021 led by DST Global Partners, Lightspeed Venture Partners and VY Capital, as well as $120 million from a wide array of venture capital firms.<\/p>\n