Blockchain, the open source project building tools for using digital currencies, has announce that it has raised a Series B of $40 million with Lakestar and GV – formerly Google Ventures – with additional participation from Nokota Management and Digital Currency Group. Besides these participants, existing investors including Lightspeed Venture Partners, Mosaic Ventures, Virgin, and Sir Richard Branson also contributed to the round of funding.
Peter Smith, CEO & Co-Founder, stated: “I’m extremely proud and humbled by the progress we’ve made – millions of active users around the world, exchange partnerships in 34 countries, billions in monthly consumer volume, and an API platform used by some of the biggest companies in our field.”
This Series B marks is a significant fintech investment given the reduction experienced in the area over the course of 2016, and brings the total capital raised by Blockchain to over $70 million.
Furthering its goal to develop open, accessible, and fair financial opportunities worldwide, Blockchain intends to channel the funding into research and development of new solutions, as well as into expanding the company on a global scale. Specifically called out were new products aimed at allowing anyone to transact, save, or hedge digital assets with greater speed, efficiency and control.