$110M funding halved 2022 valuation: Report

By: Dickson Arinze $110M funding halved 2022 valuation: Report

November 15, 2023 7:19 AM

Despite fresh funding, the cryptocurrency exchange has seen its worth drop by more than $7 billion, from a record of $14 billion., a cryptocurrency exchange and wallet provider, has concluded a $110 million Series E fundraising round, more than halving its prior 2022 valuation of $14 billion. announced the closure of its Series E investment on November 14, with London-based Kingsway Capital serving as the round's lead investor. Other participants include Baillie Gifford, Lakestar, and Coinbase Ventures.

According to a Bloomberg article published on November 14 that cited unnamed persons familiar with the situation, is now worth just about $7 billion, down from a valuation of $14 billion in March 2022. closed a funding round on March 30, 2022, increasing its valuation from $5.2 billion to $14 billion, less than two months before the collapse of Do Kwon's Terra ecosystem set off a liquidity tumble that bankrupted hedge fund Three Arrows Capital (3AC) and an array of high-profile crypto lenders.

In March 2022, global VC company Lightspeed Ventures and investment management firm Baillie Gifford & Co. launched a funding round for Baillie Gifford & Co. is well-known for its early involvement in growth stocks like Tesla.

Although the firm's valuation was reduced as a result of the new investment, the funding activity suggests a renewed interest in crypto companies, encouraged by the sustained rise in digital asset prices.

Multiple proposals for spot Bitcoin exchange-traded fund (ETF) products from financial institutions like BlackRock and Fidelity are related to the broader market interest in crypto assets.

Among the most popular cryptocurrencies, Bitcoin (BTC) is currently up 116% from the previous year, while Ether (ETH) and Solana (SOL) are up 61% and 300% in the same period.

Since its inception in 2011, has attracted 37 million verified users, processed over $1 trillion in transactions, and seen the creation of 82 million wallets.