Blockchain Raises $30 Million in Biggest-Ever Funding Round for a Bitcoin Company The world's largest Bitcoin wallet service just sealed a record venture capital deal. Backers include none other than billionaire Richard Branson.

By Kim Lachance Shandrow Oct 7, 2014

Opinions expressed by Entrepreneur contributors are their own.

Blockchain just went from bootstrapped to big-time. The popular Britain-based global Bitcoin wallet and block explorer service announced today that it has locked in $30.5 million in Series A funding.

The record round, which marks the company's first-ever outside investment, was led by heavy-hitter Silicon Valley venture capital vehicles Wicklow Capital and Lightspeed Venture Partners. Other participants in the round, which The Wall Street Journal hailed as "the biggest single funding round yet for a digital-currency firm," include Mosaic Ventures, Prudence Holdings, Amit Jhawar of Braintree and billionaire Richard Branson.

Launched in 2011, Blockchain -- now 2.3 million consumer wallets and $26 billion in transaction volume strong -- said it plans to use the massive growth capital infusion to beef up its product and engineering teams, to add "innovative new features" to its products and to expand to new international markets.

Proud to announce our record Series A: http://t.co/yg7ZthKsVR
— Blockchain (@blockchain) October 7, 2014

"Blockchain is honored and excited to announce this historic round," Blockchain CEO Nic Cary told Entrepreneur.com. "It represents the single largest capital commitment in a bitcoin company to date. As a bootstrapped company, we were able to accomplish a lot with a little. Now we're more ambitious than ever."

As part of the groundbreaking capital injection, Lightspeed partner Jeremy Liew will join Blockchain's board of directors. "Bitcoin is a long game and the wallet is the crucial strategic high ground in the Bitcoin ecosystem," Liew said in Blockchain's announcement. "We wanted to back the biggest player in the most important segment of the Bitcoin value chain, and that is Blockchain."

Meanwhile, the price of a single Bitcoin, as of 12 p.m. ET today was trading slightly lower at $327, according to CoinDesk. It plummeted last weekend to $286, its most dismal value this year. Last year, it rose to a high of about $1,150.

Kim Lachance Shandrow

Former West Coast Editor

Kim Lachance Shandrow is the former West Coast editor at Entrepreneur.com. Previously, she was a commerce columnist at Los Angeles CityBeat, a news producer at MSNBC and KNBC in Los Angeles and a frequent contributor to the Los Angeles Times. She has also written for Government Technology magazine, LA Yoga magazine, the Lowell Sun newspaper, HealthCentral.com, PsychCentral.com and the former U.S. Surgeon General, Dr. C. Everett Coop. Follow her on Twitter at @Lashandrow. You can also follow her on Facebook here.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Most Popular

See all

Branding

ChatGPT is Becoming More Human-Like. Here's How The Tool is Getting Smarter at Replicating Your Voice, Brand and Personality.

AI can be instrumental in building your brand and boosting awareness, but the right approach is critical. A custom GPT delivers tailored collateral based on your ethos, personality and unique positioning factors.

By Tatiana Dumitru

Business News

Apple Reportedly Isn't Paying OpenAI to Use ChatGPT in iPhones

The next big iPhone update brings ChatGPT directly to Apple devices.

By Sherin Shibu

Business News

Is the AI Industry Consolidating? Hugging Face CEO Says More AI Entrepreneurs Are Looking to Be Acquired

Clément Delangue, the CEO of Hugging Face, a $4.5 billion startup, says he gets at least 10 acquisition requests a week and it's "increased quite a lot."

By Sherin Shibu