Blockchain infrastructure company – Blockdaemon – raised $207 million in a Series C funding round led by Tiger Capital and Sapphire. Following the investment, the company increased its post-money valuation to $3.25 billion.
Blockdaemon’s Expansion
The California-based organization finished 2021 on a positive net income trend and recently hired 150 full-time employees – mainly engineers. It also expanded its scope to Germany and Singapore.
According to a recent press release, the company secured a multi-million dollar seed round that included top investors like Tiger Capital, Sapphire, SoftBank Vision Fund 2, Matrix Capital Management, and StepStone Group. Mike Novogratz’s Galaxy Digital has also joined the initiative.
As a result, Blockdaemon’s post-money valuation surged to $3.25 billion, while in September 2021, the firm was valued at $1.3 billion.
Jai Das, Chairman and Partner of Sapphire, commented on the deal:
“The digital asset class is here to stay, especially as financial services and publicly traded companies continue to enter the fray. The challenge is that the growing demand for digital assets requires enterprise-grade infrastructure to enable secure, compliant and scalable participation in Web3/DeFi.”
Blockdaemon is a leader in the crypto space, providing users with node operations and infrastructure tools for blockchain projects. The company supports many networks including Ethereum, Bitcoin, Solana, Polkadot, Terra, Cardano, Cosmos, etc. through its Blockdaemon Marketplace.
Separately to the funding round, the firm partnered with StakeWise to create a Know Your Customer (KYC)-based staking solution for its clients. The collaboration will allow them to utilize staked capital for lending, borrowing, and liquidity provision on interest rates via DeFi applications.
Blockdaemon creates a DeFi fund
The company also revealed that it would create a DeFi fund, intending to reinvest the assets earned in institutional-grade offerings while creating CeFi options for clients. Additionally, it will use the fund to make structured investments in the cryptocurrency ecosystem.
Nagraj Kashyap – Managing Partner at SoftBank Investments Advisers – opined that the expansion of the digital asset industry requires “secure, critical infrastructure.”
“We are excited to continue our partnership with Blockdaemon as it expands the platform to fill much-needed gaps and make the crypto ecosystem more viable and secure,” he added.
In turn, Konstantin Richter – CEO and Founder of Blockdaemon – asserted that his organization is committed to the future of Decentralized Finance. It also aims to increase its presence in the crypto space and boost the entire blockchain universe.
