Blockchain.com Expands Workforce and Eyes Global Expansion: New Senior Vice President Hired
Crypto wallet provider Blockchain.com plans to grow its workforce by 25% in Q1 2024 and is eyeing expansion into Nigeria and Turkey, following recent positive developments.
Blockchain.com, a prominent crypto wallet provider, is making significant moves to expand its operations and global presence. After a challenging start to 2023, which included staff layoffs, the company has raised $110 million in a Series E funding round and has become a preferred destination for customers migrating their assets from SoFi’s closed crypto arm. With the recent appointment of a new senior vice president and plans to establish a hub in Paris, Blockchain.com is positioning itself for further growth and success.
Blockchain.com’s Workforce Expansion and Global Ambitions:
In a bid to support its expanding operations, Blockchain.com plans to increase its workforce by 25% in the first quarter of 2024. This move comes after the company had to lay off 28% of its staff at the beginning of 2023. The hiring of Curtis Ting as the new senior vice president of business operations signals Blockchain.com’s commitment to strengthening its leadership team. Ting, who previously worked at Kraken and the FBI, brings a wealth of experience in global expansion and operational management.
As part of its growth strategy, Blockchain.com is also looking to expand its presence in Nigeria and Turkey. These emerging markets offer significant potential for cryptocurrency adoption and present an opportunity for Blockchain.com to tap into a new customer base. The company’s plans for expansion align with its goal of establishing local entities throughout Europe, with a new hub in Paris already in the works.
The Positive Turnaround for Blockchain.com:
Despite the challenges faced earlier in 2023, Blockchain.com has experienced positive developments in recent months. The successful $110 million Series E funding round, although at a lower valuation compared to 2022, demonstrates investor confidence in the company’s potential. Additionally, Blockchain.com has emerged as a preferred destination for customers seeking a new home for their assets following the closure of SoFi’s crypto arm.
The Departure of Michael Moro and Ankex’s Closure:
In other industry news, Michael Moro, former CEO of Genesis Global Capital, has left his new venture, Ankex, which recently announced its closure. Ankex, a crypto exchange, had been preparing for a public beta launch of its derivatives trading platform but decided to pause development. The company expressed gratitude for the support received but cited the need to halt its journey at this stage. Moro’s departure from Ankex comes before the exchange encountered financial difficulties and declared bankruptcy.
Conclusion:
Blockchain.com’s recent developments, including the hiring of a new senior vice president and plans for workforce expansion and global expansion, demonstrate the company’s resilience and determination to thrive in the cryptocurrency industry. With its strengthened leadership team and a focus on emerging markets, Blockchain.com is well-positioned for future success. However, the closure of Ankex serves as a reminder of the challenges faced by companies in the rapidly evolving crypto landscape. As the industry continues to mature, navigating these challenges will be crucial for sustained growth and stability.