The company Blockchain managed to raise $40 million in a Series B funding round. The blockchain is on of the world’s most used Bitcoin wallet sites and apps and currently manages more 14 million bitcoin wallets. In its previous round, it raised $30 million when it was managing only 2.3 million wallets.
While other bitcoin services, like Coinbase, allows you to purchase bitcoins as well as manage your wallet Blockchain operates a little differently. It is partnered with exchanges, so it still offers purchasing and wallet managing services on a single platform, but in the case of Blockchain, the company itself has no access to data regarding your account.
For example, Blockchain cannot view your transactions or your balance. Your account is stored on their servers but you keep the keys. And, if you want to purchase your bitcoin on another platform you prefer, you can still send the cryptocurrency to your wallet on Blockchain.
Getting to a Series B funding round is a significant step for any cryptocurrency startup. The company is riding high current interest in bitcoins, ethers, Litecoins, and initial coins offering, though it is undoubtedly not the only cryptocurrency startup to do so.
Blockchain also runs a highly trafficked bitcoin block explorer website called Blockchain.info. With its large audience of 100 million page views per month, Blockchain has a good revenue stream from banner ads too.
A number of companies invested in the Series B funding, led by Lakestar, and includes Digital Currency Group, GV, Nokota Management, Mosaic Venture Partners, Prudence Holdings, Virgin, Sir Richard Branson, and current investors Lightspeed Venture Partners. This funding round will allow Blockchain to increase staff, create more digital currency services, and localize their products.
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