Tiger Global and Sapphire led blockchain firm Blockdaemon’s $3.25 billion funding round

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Jan 26 (Reuters) – Tiger Global Management and Sapphire have completed a $207 million funding round in Blockdaemon, valuing the blockchain company at $3.25 billion, the company said on Wednesday.

Several large investors and financial institutions are turning to crypto and other digital assets, which is driving the demand for blockchain-related businesses.

In a separate announcement, Blockdaemon said it has partnered with Stakewise to create a liquid staking product on the Ethereum blockchain network. This would allow customers to use the staked capital to borrow or lend.

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Existing investors SoftBank Group Corp’s Vision Fund 2 (9984.T), Boldstart Ventures, StepStone Group, Matrix Capital Management and Lerer Hippeau also participated in the latest fundraising.

“The digital asset class is here to stay, especially as financial services and publicly traded companies continue to enter the fray,” said Jai Das, chairman and partner at Sapphire.

Blockdaemon is used by exchanges, custodians, crypto platforms, financial institutions, and developers to connect business stakeholders to blockchains. It offers node operations and infrastructure tools for blockchain projects.

Blockdaemon is also backed by investors like Hashkey, CoinShares, and Kenetic.

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Reporting by Rithika Krishna in Bengaluru; Editing by Sriraj Kalluvila

Our standards: The Thomson Reuters Trust Principles.

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