Popular cryptocurrency wallet provider, Blockchain.com says it will be raising a $50 million Venture Capital (VC) fund in a new funding round.
Two anonymous sources told Yahoo Finance today, that the largest cryptocurrency wallet provider with more than 40 million users is already on the move to source for potential investors for the VC fundraising, which will be used to provide financial backing for industry startups and cryptocurrencies.
According to the report, Sam Harrison, former principal of investment firm, Naspers Ventures and the current managing partner of Blockchain.com, has been assigned to head the VC fund.
Even though the wallet provider is yet to comment on the development, quick research on Harrison’s LinkedIn profile showed that Harrison co-founded the Blockchain VC fund, which implies that the information from the sources may be credible.
It further shows that Blockchain’s VC fund has already commenced investing in some firms, including Origin Protocol, Coindirect, and Nodle.
Since Blockchain.com’s entrance into the crypto industry in 2011, the company has helped raised more than $70 million in more than four VC rounds, including Google Ventures, Sir Richard Branson’s Virgin, and top European venture capital fund, Lakestar.
Currently, the firm is looking toward expanding its business away from just Bitcoin and aligning it with other business opportunities that the crypto industry offers.
Back in July, Coinfomania reported that Blockchain has unveiled its lightening-speed cryptocurrency trading platform called “The Pit.”
When The Pit finally goes live, the firm hoped that the exchange would eradicate the transaction processing downtime experienced by most crypto exchanges.
While other crypto exchanges like Coinbase and Binance host “milliseconds” matching engines, Blockchain CEO, Peter Smith, said in the report that he is confident The Pit exchange would process transactions within 40 – 50 microseconds.
The Pit is tipped to be made available in over 200 countries and will have 26 trading pairs.
In January, Peter stated that the firm is weighing up a potential partnership with a stablecoin company, which could see the company list a stablecoin later this year.