Blockchain secures $40M in Series B round led by Lakestar

Elias Hubbard
June 24, 2017

Blockchain, a London based bitcoin wallet start-up has raised a major $40 million (£31.5 million) in funding. But to be clear, Blockchain is a bitcoin startup focused on digital currency applications, not a company building enterprise blockchain software.

Blockchain had previously raised $30.5 million in 2014.

Blockchain CEO and co-founder, Peter Smith said: "The $14tn financial services industry hasn't meaningfully changed in over a century".

Bitcoin's popularity has been revived in 2017 thanks to a price rally that has seen it more than double in price since the start of the year.

Founded in 2011, Blockchain sees most of its staff working out of its London office, at an opening facilitated by former United Kingdom prime minister David Cameron this year, despite being officially headquartered in Luxembourg.

The company will use the new capital for global expansion and localization efforts as well as research and development of emerging digital assets. He single-handedly built a website and created the first versions of Blockchain's digital wallet app for iPhone and Android.

Blockchain already has over 15 million wallet signups with users conducting transactions worth billions of dollars per month. Reeves received early funding from Roger Ver, a libertarian angel investor who has since become a controversial figure in the bitcoin community for his support of Bitcoin Unlimited, one of the proposals to scale the network.

That was when Blockchain really began to take off. With the majority of staff working in London, the company's official headquarters are in Luxembourg. According to the Blockchain blog, this venture round is one for the history books.

Blockchain, a bitcoin wallet and distributed ledger, has raised $40 million.

European venture capital fund Lakestar and GV, Google's venture capital arm, both led the round.

Other companies that took part in the round included Nokota Management, Digital Currency Group, Lightspeed Venture Partners, Mosaic Venture Partners, Prudence Holdings, and Virgin. You can also expect new products aimed at allowing anyone to transact, save, or hedge digital assets with greater speed, efficiency and control.

Other reports by Click Lancashire

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