The cryptocurrency exchange and wallet provider Blockchain.com has taken new steps toward a potential initial public offering (IPO) by appointing two seasoned executives with financial and operational expertise.
Blockchain.com hired Justin Evans, who previously worked at Goldman Sachs, as its new chief financial officer, Bloomberg reported. It also appointed Mike Wilcox, previously CFO of Velocity Global and former Point72 portfolio manager, as its chief operating officer.
Evans indicated that the exchange is “taking the steps necessary to be a public company, if and when the public markets are available.” This statement underscores the organization’s commitment to scaling its operational and financial proficiency as it eyes a forthcoming entry into the public market.
This strategic movement comes on the heels of a notable wave of other cryptocurrency firms considering public listings, including Circle, Kraken, Bullish Global (the parent company of CoinDesk), Gemini, Ripple, and BitGo. As the cryptocurrency ecosystem matures, businesses are seizing the opportunity to attract institutional investments.
The recent uptick in institutional adoption, particularly after major firms such as BlackRock and Fidelity launched exchange-traded fund (ETF) offerings in the cryptocurrency space, could signal a more favorable environment for these firms to transition into public companies. Moreover, the U.S. Securities and Exchange Commission (SEC) is expected to adopt a more balanced approach towards digital assets, further easing the pathway for public listings.
Blockchain.com has experienced notable fluctuations in its valuation over the years. It raised $300 million at a $5.2 billion post-money valuation in its Series C funding round back in March 2021. Later, in 2022, the company closed a funding round that pushed its valuation up to $14 billion. Most recently, in November 2023, Blockchain.com closed a $110 million funding round that valued the company at $7 billion.
As Blockchain.com continues its journey towards a potential IPO, the appointment of experienced executives and the increasing interest from institutional investors signal significant growth potential in the dynamic cryptocurrency market.
