Blockchain.com

From CryptoWiki

Basics

Bugs

  • Had an 7 hour outage in which wallet users could not connect. User's funds were safe (10-3-2021).

Usage

"The firm has seen colossal growth and now has 31 million verified users in 200 countries leveraging Blockchain.com services."

Team, partnerships, etc.

  • Antonopoulos, Andreas; first as CSO, from 9-2014 became advisor
  • Cary, Nic; CEO, brought onboard by college friend Roger Ver. But not anymore
  • Smith, Peter; CEO and Co-Founder (6-2017)
  • Has 50 staff members.
  • Changpeng " CZ" Zhao; joined Blockchain.info as the third member of the cryptocurrency wallet’s team. As head of development for eight months, he worked closely with well-known Bitcoin evangelists like Roger Ver and Ben Reeves.
  • During the 2022 market crash it cut 25% of its staff (21-7-2022):

"On July 21, 2022, a Blockchain.com representative told Coindesk in an email that the company has laid off 150 workers or 25% of the staff. The company further notes that executive salaries and the CEO’s compensation were also cut back.

According to the reporter Ian Allison’s words from the source, Blockchain.com cited “harsh bear market conditions” and the desire to “absorb financial losses.” Allison was also the reporter that revealed Blockchain.com lost $270 million over exposure to 3AC as Allison was able to review a letter to shareholders written by the CEO Peter Smith.

The source on Thursday explained that the firm’s recent 25% reduction has brought Blockchain.com’s workforce down to the size it was in January."

Funding

  • Ver, Roger; first investor. Later on repaid the favour by being apart of the VERSE token sale of Bitcoin.com (12-2022).
  • Raised 40 million in funding in 6-2017 led by the firms Lakestar and GV (formerly Google Ventures). Other investors that participated in the round include Nokota Management, Digital Currency Group, Lightspeed Venture Partners, Mosaic Ventures, Prudence Holdings, Virgin, and Sir Richard Branson.
  • Participated in a $25M funding round for Aave (12-10-2020).
  • Sponsor of Coin Center.
  • Had a $120M funding round in which GV participated again (2-2-2021).
  • Raised $300 million in a financing round (24-3-2021).
  • DeversiFi; one of the participants of a $5M private token sale for 12% of the DFV supply (18-5-2021).
  • TokenTerminal; they mention this as one of their 'community members' (1-8-2022), however, due to the nature of the ones named, we can assume these are investors.
  • Three Arrows Capital; turned out to be a loaner of money to 3AC after the firm filled for bankruptcy (17-7-2022). From Decrypt (18-2-2023):

"Decrypt has learned from multiple sources of calls in December and January on which Blockchain.com senior executives have shopped parts of its business, including to Coinbase. Decrypt has also seen a private email setting up one of these calls. Blockchain.com had lent $270 million in cash and crypto to Three Arrows Capital (3AC), the crypto hedge fund that filed for bankruptcy in July after the collapse of the Terra ecosystem. Following 3AC’s crash, Blockchain.com raised another $78 million in a strategic round led by Kingsway Capital, with participation from Lightspeed Venture Partners."

Partners

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