$110M funding round halves its 2022 valuation: Report

Crypto exchange and wallet provider closed a $110 million Series E financing round, an investment that more than halves its previous 2022 valuation of $14 billion.

In a Nov. 14 blog post, said the closing of its Series E round was led by the United Kingdom-based venture capital firm Kingsway Capital. It also saw participation from Baillie Gifford, Lakestar and Coinbase Ventures, among others.

A Nov. 14 Bloomberg report citing sources familiar with the matter said the $110 million round places at less than half of its $14 billion valuation from March 2022.

On March 30, 2022, closed a funding round that saw its valuation spike from $5.2 billion to $14 billion, less than two months before the collapse of Do Kwon’s Terra ecosystem triggered a liquidity cascade that bankrupted hedge fund Three Arrows Capital (3AC) and a slew of high profile crypto lenders.’s March 2022 funding round was led by global venture capital firm Lightspeed Ventures and Baillie Gifford & Co. — an investment management firm renowned for its early involvement in growth stocks such as Tesla.

Related: Goldman Sachs leads $95M funding round for blockchain payment firm Fnality: Report

While the new investment saw the firm’s valuation dip, the funding activity hints at a newfound investment appetite for crypto firms, buoyed by a continued uptick in digital asset prices more broadly.

The broader market enthusiasm for crypto assets is tied to multiple pending applications for spot Bitcoin exchange-traded fund (ETF) products from financial firms such as BlackRock and Fidelity.

Bitcoin (BTC) is currently up 116% in the last year, while other major cryptocurrencies such as Ether (ETH) and Solana (SOL) are respectively up 61% and 300% over the last 12 months.

Founded in 2011, has 37 million verified users with 82 million wallets and over $1 trillion in total transaction value across its platform.

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