London-based crypto firm Blockchain.com plots US IPO
Crypto platform Blockchain.com is understood to be interviewing banks ahead of a possible initial public offering in the US.
The London-based firm was valued at $14bn during a funding round last month, which was led by Lightspeed Venture Partners, and drew “major participation” from Baillie Gifford. The floatation could take place this year or in 2023, insider sources told Bloomberg.
If Blockchain.com pushes ahead with the valuation it would become the second crypto heavyweight to do so in the US. Last year, rival trading platform Coinbase went public and was briefly valued at $100bn during its Nasdaq debut.
Founded in 2011 Blockchain.com was one of the first infrastructure providers in the crypto space, allowing users to trade and hold crypto in digital wallets. The platform claims to have 37m active users across 200 countries and has created 82m crypto wallets to date.
The firm has attracted the attention of British business and political heavyweights. Former Barclays boss Antony Jenkins is on the board of Blockchain.com.
The former Prime Minister David Cameron opened the firm’s London office in 2019. He commented on the “massive potential of disruptive technology and insurgents and startups that can take on the jobs, investment, and prosperity of the future.”
“It’s so important we have some of those insurgent businesses right here in London and not just in the United States,” he added.
Despite Cameron’s enthusiasm for keeping fintech firms in the UK capital, Blockchain.com has struggled to secure approval from the City financial watchdog. The cryptocurrency firm is operating in Europe through a Lithuanian subsidiary after failing to secure full approval from the FCA ahead of a key deadline for UK crypto firms.
Read more: Crypto startup Blockchain.com launches Asset Management platform