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As the crypto adoption mania continues to grow, one of the UK’s leading investment management firms, Baillie Gifford, has invested $100 million in the London-based cryptocurrency exchange and digital wallet provider, Blockchain.com.
According to a blog post by the CEO of Blockchain.com, Peter Smith, this investment was the largest single investment that the exchange had ever received to date.
He said,
Today we’re excited to publicly share that Baillie Gifford not only participated in that round but invested $100M — the largest single investment in Blockchain.com to date.
A month ago, Blockchain.com said that it had raised a total of $300M in a Series C funding round led by several investment firms including DST Global partners, Lightspeed Ventures, and VY Capital. That funding round had brought the company’s valuation to a whopping $5.2 billion.
The 110-year-old Edinburgh-based Baillie Gifford had invested in many of the most successful companies in the world, including Tesla, Amazon, Google, and Airbnb, with over $445 billion in assets under management (AUM).
The $100 million investment into the nine-year-old crypto startup, Blockchain.com, marks Baillie Gifford’s first move into the cryptocurrency space.
Smith added,
As one of their first investments in a crypto company, we’re honored to include them on our journey to bring the next 1B people into crypto. It’s also a validation that a balanced and diversified retail/institutional business has incredible growth potential in the coming years.
Increased Institutional Adoption Rates
The cryptocurrency industry has seen several large institutional investors join the bandwagon, with bitcoin as their main point of entry.
This massive rate of institutional adoption is allegedly the propellant for bitcoin’s bull run as there is an increase in the number of its speculators.
Since the beginning of the year, the crypto space has seen multinational corporations and financial institutions like Tesla, PayPal, BNY Mellon, Morgan Stanley, and many more display their support for cryptocurrencies.
With the rate at which the bitcoin mania is spreading, it is safe to say that bitcoin mainstream adoption is set to happen sooner than expected.
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