Crypto company Blockchain.com, which provides services for storing and trading digital currencies, is reportedly seeking new capital as the firm wants to weather the crypto winter.
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Although terms of the new funding are still being discussed and are in early stages, it will significantly reduce Blockchain.com's valuation, Bloomberg has learned without identifying its source. According to the report, the valuation will likely be between $3 billion to $4 billion, a significant decline from $14 billion, which the firm achieved earlier this year.
It is unclear, why the firm might need a new round of fresh capital as the latest funding was in Q3. Blockchain.com is trying to deal not only with the crypto winter, but also is in the middle of litigation against bankrupt hedge fund Three Arrows Capital, which owes it $270 million.
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