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London cryptocurrency startup Blockchain.com mulls IPO

·1 min read
Blockchain.com provides virtual cryptocurrency wallets  (REUTERS)
Blockchain.com provides virtual cryptocurrency wallets (REUTERS)

London-based cryptocurrency startup Blockchain.com is interviewing banks for a potential initial public offering (IPO) in the United States.

A floatation of the company could take place as soon as this year, or in 2023, according to Bloomberg, which first reported on the move.

If it goes ahead with the plans, Blockchain.com would become only the second cryptocurrency exchange in the US to do so, after rival Coinbase went public last year with a valuation of nearly $100 billion.

Binance.US, the American branch of the largest cryptocurrency exchange in the world, has also suggested it will go public.

Founded in 2011 in London, Blockchain.com allows users to buy and store digital tokens such as Bitcoin in a virtual wallet.

The company is one of Britain’s most high-profile crypto companies. Former Prime Minister David Cameron opened the company’s east London office in 2019, saying: “It’s great to be at the start of a revolution here in London, I hope you keep this revolution going.”

Ex-Barclays CEO Antony Jenkins sits on the board of Blockchain, which is run by Peter Smith.

The service currently has more than 37 million users in more than 200 countries, allowing them to store and trade cryptocurrencies via dollars, pounds and euros. Last year, it surpassed $1 trillion in cryptocurrency transactions.

In March, the company said a funding round led by venture capitalist firm Lightspeed Venture Partners valued it at around $14 billion.

Blockchain.com did not respond to requests for comment.