Blockchain is reportedly raising $50 million for a venture capital fund
Blockchain looks to be expanding its business lines, which could help diversify its current mainly ad-driven revenue. The firm makes “six figures a month in advertising revenue” alone from its Blockchain Explorer tool, Blockchain CEO, Peter Smith, recently told Fortune. Back in July, the firm launched a cryptocurrency exchange called The Pit, claiming to be one of the “fastest.”
While other crypto exchanges host “millisecond” matching engines, The PIT hosts a “microsecond” one, Nicole Sherrod, head of trading products at Blockchain, told The Block at the time. However, insiders said speed isn’t a top priority for most investors in the market.
Founded in 2011, Blockchain is backed by notable investors including Roger Ver, Barry Silbert’s Digital Currency Group, Lakestar, and Google Ventures, among others. The firm raised a $40 million Series B in 2017, and $30.5 million in Series A funding back in 2014.