Blockchain.com, a leading Bitcoin wallet provider, is seeking to raise £41million (around $50 million) for its venture capital fund.
Citing two anonymous sources, Yahoo Finance today reported that the London-based company aims to invest in equities and digital tokens of various startups in the blockchain sector.
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The sources of the publication also detailed that Samuel Harrison, who joined Blockchain as a managing partner in mid-2018, is heading the company’s efforts to raise the astronomical amount.
With previous experience at Naspers Ventures, Harrison is a seasoned figure in blockchain-focussed venture capitals. Per his Linkedin profile, the fund has already invested in startups including Origin Protocol, Coindirect, Sliver.tv, and Nodle.
Diversifying the core business in blockchain
Previously called Blockchain.info, the wallet-focused company was established in 2011, with headquarters in Luxembourg. According to its website, it runs over 40 million wallets, which have transacted over $200 billion with “the lowest fees in the industry.”
In a total of four funding rounds, Blockchain to date has raised $70 million, per data from Crunchbase. Backers of the company include Google Ventures, Sir Richard Branson’s Virgin, and Lakestar, one of Europe’s top venture capital funds.
Despite its popularity, the wallet platform faced criticism due to its limited services only for Bitcoin and failing to implement SegWit support to the wallets.
Since Segwit was activated on Aug 1st 2017, Blockchain(.)info claims to have created 31 million new wallets.
That’s 31 million wallets that don’t support Segwit!
BC.i claims to account for 25% of #Bitcoin transactions, all of which are overpaying on $BTC tx fees. @NicSherrod pic.twitter.com/ZmJhMdloM1
— BashCo (@BashCo_) August 26, 2019
The company is now shifting focus from its core wallet business and is taping other areas in the industry. Late last month, the company launched a digital currency trading exchange called The PIT.
Meanwhile, the wallet platform of Blockchain now supports five digital currencies – Bitcoin, Bitcoin Cash, Ether, Stellar, and Paxos.