Crypto exchange and financial services company Blockchain.com has denied attempts to sell assets or subsidiaries. In fact, they are also not discussing the possibility of a deal with another crypto company, a spokesperson said on February 18th.

Previously, a report citing anonymous sources explained that company executives had discussed selling part of their business to another crypto company, including Coinbase, between December and January. Blockchain.com quickly denied the rumor:

"No Blockchain.com business is being sold. Blockchain.com is a buyer of assets, not a seller."

However, the company has been trying to raise additional capital for its operations since October 2022, even with significant discounts. At the time, the round was expected to result in a valuation of $3 billion to $4 billion, according to Bloomberg.

Not Denying Attempts to Increase Capital

Blockchain.com did not deny attempts to increase capital but denied claims of asset sales. About 110 employees of Blockchain.com, or 28% of its staff, were laid off in January.

The layoffs occurred just a few months after the company streamlined its workforce by 150 people in July 2022. At that time, Blockchain.com suffered a loss of $270 million by lending to the bankrupt hedge fund Three Arrows Capital (3AC).

Blockchain.com claims to have more than 37 million verified clients who use 86 million wallets and operate in 200 countries. In March 2022, the company received new funding led by global venture capital firm Lightspeed Ventures and investment management firm Baillie Gifford & Co, raising its valuation to $14 billion from $5.2 billion.

Previous funding included a $300 million Series C round in March 2021 led by DST Global Partners, Lightspeed Venture Partners, and VY Capital, as well as $120 million from various venture capital firms.