London-based Bitcoin startup Blockchain has raised $40Mn in a fresh round of funding, representing one of the largest investment rounds in the financial technology sector. The investment comes at a time of rising interest in cryptocurrencies, especially Bitcoin, which recently hit a record high of $3000 and has seen a massive rally since the start of the year.
The Investors in this round includes Digital Currency Group, GV, Lakestar, Lightspeed Venture Partners, Mosaic Venture Partners, Nokota Management, Prudence Holdings and Virgin. Richard Branson the Billionaire investor has also participated in this round.
Announcing the Series B investment, founder and CEO Peter Smith wrote a blog post “As the market leader, you can expect us to make big, bold bets in research and development as well as further our expansion efforts globally. You can also expect new products aimed at allowing anyone to transact, save, or hedge digital assets with greater speed, efficiency and control.”
Our mission is to create an open, accessible, and fair financial future for billions across the globe, one piece of software at a time is a lofty one. This capital moves us one step closer to delivering on that mission and will ensure we can take a very long-term view. We will use raised capital to release the new product, research and development and global expansion.
Blockchain was founded in 2011 as an open source software project, which allows consumers and businesses to make transactions using digital currencies such as bitcoin. Today, the company has become a market leader and operates in 140 countries.
As per its websites, over 14 million Blockchain wallets have been created, and the startup’s technology has powered more than 100 million transactions since its inception. The company claims 15 percent increase in its traffic week over week in last two weeks.