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Highlights
- London-based crypto giant, Blockchain.com plans to go public in the US.
- In a Series D funding round that took place recently in March, Blockchain.com was valued at £10.7 billion ($14bn).
- According to various reports, the crypto giant has been in talks with banks regarding its US IPO, which could take place as early as this year.
The growth of the UK’s crypto-asset sector may potentially take a hit soon as the London-based crypto giant, Blockchain.com, has expressed its intention to go for a listing in the US market. The initial public offering (IPO) could take place this year itself.
Blockchain.com’s IPO plans
Founded in 2011, Blockchain.com is one of the earliest providers of crypto infrastructure in the UK and is among the biggest crypto firms in the world today, with approximately 37 million active users globally. According to various reports, the crypto giant has been in talks with banks regarding its US IPO, which could take place as early as this year.
Even though Blockchain.com is a UK-based company, it has been facing many issues at home. Since the UK’s Financial Conduct Authority (FCA) changed the guidelines for crypto trading, Blockchain.com has faced obstacles in getting the necessary regulatory approvals. The company was given permission to trade by the FCA on a temporary basis, but later this approval was also revoked.
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In a Series D funding round that took place recently in March, Blockchain.com was valued at £10.7 billion ($14bn). This funding round was conducted by Lightspeed Venture Partners, with investment manager Baillie Gifford being a major participant. Recently, the company has successfully wrapped up a few major deals, which include the acquisition of the over-the-counter (OTC) trading desk of Altonomy. An asset management service in collaboration with Altis Partners was also launched by the crypto giant at the beginning of the month, focusing on institutional investors as well as investors having high net worth.
In April last year, one of the rivals of Blockchain.com, Coinbase, had also launched a $100 billion IPO in the US market, becoming the first crypto exchange to trade publicly. The US arm of Binance has also said that it may potentially go public within the next three years. Blockchain.com is following the lead and has similar plans to go public.
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Bottomline
Blockchain.com’s plans to go for a US listing have come at a time when the UK Government has been aiming to transform the country into a global hub of cryptoasset technology. Due to certain regulatory issues, the UK-based company has chosen the US market to go public. The details of the listing haven’t been revealed yet. Hence, more information is awaited and can be referred from the company’s website.
