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.
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