Valuations of unicorns are going up even with the current volatility seen in the crypto market. Blockdaemon is one such example. This blockchain firm announced on Wednesday that its valuation has reached $3.25 billion after a Series C funding of $207 million provided by Tiger Global and Sapphire. Blockdaemon had reached the valuation of $1.3 billion after Series B round of funding in September 2021. The company provides backend support services to different blockchain projects.
Jai Das of Sapphire said that digital assets are not going away. They will remain here as publicly traded firms and financial services keep entering the market. He said that there is need to offer more secure infrastructure support to ensure scalable and compliant participation in DeFi and Web 3 sectors.
Backend Platform Blockdaemon
This platform is similar to Alchemy and Infura that cover a large area of crypto ecosystem. Infura owned by ConsenSys is seen as the top solution from the ethereum company. Alchemy reached a valuation of $3.5 billion after receiving $250 million in the latest funding round in October. Blockdaemon plans to venture into several areas after this latest fund infusion. It is planning a decentralized finance that will invest in the blockchain ecosystem and crypto.
Partnering with Other Companies
Blockdaemon has partnered with StakeWise with plans to offer decentralized finance services. DeFi versions are being built extensively by platforms like Aave. These new projects can meet the complex compliance requirements of big clients. Blockdaemon is following the same example. It plans to serve the investors who remained away from the market in recent times but are now coming back and hunting for higher yield.
A spokesperson of Blockdaemon confirmed the newly announced StakeWise partnership and DeFi Fund.