The unicorn valuations are still here despite the crypto market's current sea of red, with Blockdaemon being the latest example.
The blockchain infrastructure firm said Wednesday it commanded a $3.25 billion post-money valuation after a $207 million Series C led by Sapphire and Tiger Global. Blockdaemon had been valued at $1.3 billion in its September 2021 Series B. Earlier Wednesday, crypto exchange FTX US announced a $400 million funding round that valued the firm at $8 billion.
Blockdaemon provides backend support for projects across a number of blockchains, with services that include everything from node operations to staking as a service.
"The digital asset class is here to stay, especially as financial services and publicly traded companies continue to enter the fray," Sapphire's Jai Das said in a statement, pointing to the need for secure, albeit unsexy, infrastructure support for "compliant and scalable participation in Web3/DeFi."
Blockdaemon is among a class of backend platforms such as Infura and Alchemy that undergird a wide swath of the crypto ecosystem. The ConsenSys-owned Infura is widely seen as a crown jewel of the Ethereum venture studio; Alchemy was valued at $3.5 billion in a $250 million funding round announced in October.
For Blockdaemon's part, the firm will be venturing into new areas with its latest capital infusion. The company said it is spinning up a DeFi Fund to "make structured investments in the crypto and blockchain ecosystem."
Similarly, the company is partnering with StakeWise to offer institution-friendly decentralized finance (DeFi) services. Platforms such as Aave have been leading the charge in building versions of DeFi that serve big clients with complex compliance needs; Blockdaemon seems to be following suit as buttoned-up investors hunt for yield.
A Blockdaemon spokesperson confirmed both the DeFi Fund and the StakeWise tie-up are newly announced.
UPDATE (Jan. 26, 21:44 UTC): Adds information throughout.
Read more about
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.