Blockchain.com raises $120M growth round from Moore Strategic Ventures, Lightspeed Venture Partners, and others and says 65M wallets have been created
Today we're excited to share that Blockchain.com has closed on a strategic financing round, securing $120M from some of the world's leading macro investors.
Context & Ripple Effects
This February 2021 round is the opening move in Blockchain.com's funding arc: five weeks later it raised $300M at a $5.2B valuation, and by spring 2022 Lightspeed led another round that more than doubled that to $14B. The 65M-wallet figure disclosed here is the growth metric underwriting all of it.
The back end of the arc matters for reading this story: by November 2023 the company raised a $110M Series E led by Kingsway at less than half its $14B peak, so this $120M round marks the start of the cycle that both built and then repriced the business.
First-order effects
- Lightspeed Venture Partners deepens an early position it would extend across two later rounds, while Moore Strategic Ventures brings macro-fund capital into a retail wallet-and-exchange business rather than pure trading venues.
Second-order effects
- The round's momentum directly set up the larger $300M raise at $5.2B within weeks, giving Blockchain.com a war chest to compete with other retail-institutional hybrid crypto service providers on custody, brokerage, and wallet features.
Third-order effects
- The full trajectory — $120M growth capital, a $14B peak, then a Series E below half of peak — shows how wallet-user counts became the pricing basis for crypto infrastructure through the 2021-2023 cycle, with strategic and macro investors entering at the top of it.
The trend: Crypto infrastructure valuations rode the 2021 retail-growth cycle upward on user metrics like wallets created, then repriced sharply when the cycle turned.