UK-based Asset Manager Invests Millions Into Blockchain.com
One of the United Kingdom’s top managers, Baillie Gifford, has invested up to $100 million into a well-known crypt exchange known as Blockchain.com. Asides from being an exchange, Blockchain.com also provides wallet services for cryptocurrencies. The asset manager is reportedly one of the platform’s most prominent investors due to its recent investment.
Being one of the earliest exchanges, Blockchain is amongst the most popular crypto platforms, especially due to the catchy domain name. New reports show that the exchange has not disclosed the investment before, and the newly invested funds are part of its $300 million Series C funding. The crypto-related company had revealed that it would organize the fundraising in March, and the latest investment shows that the business is making progress.
Blockchain.com organizes fundraising
Some groups assisted with the funding rounds, and some of them are DST Global, VY Capita, and a host of other people. Before the group started the funding round, Blockchain.com raised another $120 million outside it. One of Baillie Gifford’s representatives spoke on the business’s move to become one of Blockchain’s biggest investors.
The representative explained that the asset manager is known to help numerous businesses transition during their early stages and revealed that it is interested in Blockchain.com and also the team behind the firm’s management. The manager believes that the crypto-related business can make long-term returns for its clients.
Baillie Gifford is arguably one of the oldest asset managers still in existence, as it was founded in 1906. A group of executives founded and owned the business in its earlier years, and they treated the company as a partnership. The business has an extensive amount of assets under management as it recently hit $370 billion.
The asset manager also has well-known and assets under its custody, such as Google, Tesla, and others. It has managed funds and assets for businesses for many years, making it one of the most preferred platforms for institutional monies.
Blockchain.com reveals plans of going public
Blockchain had shared plans on it going public for a while, and the new funding rounds could mean that the business has commenced plans. Although the business is yet to announce when it will go public, sources claim that it would become a public listed company in the nearest future.
The firm’s CEO, Peter Smith, explained that the business would go public when the moment is right and still trying to find when the right moment is. This will be similar to the highly anticipated Coinbase’s listing, which officially became a publicly listed company last Wednesday. This shows that crypto-related businesses are becoming valued and highly popular in the mainstream. Coinbase joined the Nasdaq through a direct listing and has attracted investments from numerous institutional investors.
The business is also yet to speak on which country it would list its company under. It’s safe to note that there is a growing demand for digital assets from both large-scale and retail investors, and this has made the business profitable as it welcomes higher trading volumes as the industry grows.
