Blockchain.com Expanding European Team
Blockchain.com, a prominent Bitcoin exchange and infrastructure provider, has unveiled its strategic growth plans for 2024. This commitment encompasses a significant recruitment drive, expansion into European markets, and a focus on emerging economies.
Commitment to Growth
Despite the challenges posed by the cryptocurrency winter, Blockchain.com is steadfast in its resolve to thrive. The company is gearing up to bolster its workforce by a noteworthy 25% during the first quarter of 2024, as recently reported by Bloomberg. Currently employing approximately 300 individuals, this move demonstrates the company’s determination to capitalize on emerging opportunities.
Blockchain.com is not merely focusing on expanding its team; it’s also setting its sights on new geographical frontiers. Specifically, the company is eyeing entry into markets like Nigeria and Turkey, recognizing their potential for growth and innovation.
Blockchain.com has experienced its fair share of setbacks in the past. Notably, in the midst of the crypto winter in 2022, the company had to make the difficult decision to reduce its workforce by 25%. This was followed by another round of layoffs in January 2023, affecting 28% of its employees. However, these challenges have not deterred the company’s ambitious expansion plans.
Building a European Presence
To facilitate its European expansion, Blockchain.com has appointed Curtis Ting, the former head of global operations at Kraken. Ting’s primary responsibility will be to establish the company’s new hub in Paris and create local entities across Europe. This strategic move aligns with Blockchain.com’s objective to secure more local licenses and enhance its European operations, which are currently managed through a single entity based in London.
Blockchain.com CEO Peter Smith commented on the cryptocurrency market’s turbulent phase, marked by high-profile collapses in 2022. He noted, “We’ve seen a lot of shakeout in the market, whether it’s companies retreating from certain local markets or being distracted from regulatory pressure, or companies going under.” However, he also emphasized that this period presents “an incredible opportunity to take market share,” with an estimated 60-70% reduction in competition compared to late 2021.
Strategic Moves and Collaborations
In March, Blockchain.com made the strategic decision to close its asset management division, Blockchain.com Asset Management (BCAM). Despite this, in mid-November, the company successfully secured a $110 million funding round led by UK-based Kingsway Capital.
Additionally, Blockchain.com recently welcomed TRON and Changelly as its inaugural collaborators to integrate the Blockchain.com Pay solution. This mobile payments application leverages the company’s liquidity and infrastructure, further cementing its presence in the crypto ecosystem.
Blockchain.com is on a mission to revolutionize decentralized trading in Nigeria. In late November, the company integrated cross-chain swaps into its decentralized exchange (DEX) aggregator. This innovation enables users to trade assets seamlessly between various Ethereum-based blockchains, boasting fast settlement times.
The Nigerian crypto trading community stands to benefit significantly from this development, with increased liquidity, reduced slippage, and access to a broader array of crypto assets. Blockchain.com is dedicated to empowering Nigerian users with cutting-edge crypto trading tools through such integrations.