Goldman Sachs Leads $28 Million Investment in Blockdaemon
- The Series A funding round saw participation from Goldman Sachs, BlockFi, Blockchain.com, and existing seed round investors.
- Blockdaemon will use the funding to increase its headcount and expand its network.
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According to a Blockdaemon press release from 8 June, the $28 million Series A funding round saw participation from Goldman Sachs, Greenspring Associates, BlockFi, Warburg Serres, Uphold, Voyager Digital Ltd., Illuminate Financial, and Hard Yaka. Existing seed round investors, including CoinShares, Borderless Capital, and Blockchain.com Ventures, have all increased their investments in Blockdaemon, the company said.
“Blockchain is a key driver of innovation in the financial services industry and Blockdaemon is powering its infrastructure. We are excited to join them as they continue to provide institutional-grade blockchain technology to all that want to leverage it,” commented Oli Harris, the North American head of digital assets at Goldman Sachs.
The funding round adds further capital to the explosive growth the company has experienced this year. Since 2020, Blockdaemon has deployed over 10,000 nodes across 40 blockchain networks and 20 regions around the world. The company plans on using the new investment to further expand its global headcount and increase its network reach. With over $5 billion in staked assets so far, the company is on track to have upwards of $50 billion by the end of 2021.
- A Goldman Sachs spokesperson noted that the deal was particularly interesting because of its unique structure and 24/7 risk management.
- The move comes at a time when Wall Street firms have started to increase their involvement in the crypto space.
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- The European Investment Bank has hired Goldman Sachs, Banco Santander and Société Générale to look into bonds issued on a blockchain.
- An initial investor meeting is reportedly set to start on 15 April.
- Goldman’s private wealth management unit clients with at least $25 million to invest could get access to Bitcoin funds.
- Increased demand from clients has led the bank to consider adding the new product.