September 23, 2024
By Our Correspondent
Blockdaemon Inc., a provider of blockchain infrastructure, is contemplating an initial public offering (IPO) in 2026, as stated by CEO Konstantin Richter. In an interview with Bloomberg, Richter indicated that the company’s decision will be contingent upon market conditions over the coming year.
Should the market prove favorable, Blockdaemon may proceed with its IPO in 2026, coinciding with the company’s ninth anniversary. Since its founding in 2017, Blockdaemon has established itself within the blockchain infrastructure sector by specializing in node deployment, staking services, and API access across various blockchain platforms. Based in the United States, the company has broadened its reach to encompass over 60 blockchain networks.
Richter noted that Blockdaemon’s current valuation stands at approximately $3.3 billion.
He expressed a preference for a listing in Hong Kong rather than the United States, citing the current challenging regulatory environment for cryptocurrencies in the US. Nevertheless, he anticipates an improvement in regulatory conditions following the US elections in November, irrespective of the election results. Asia represents a significant growth opportunity for the company, and Richter mentioned plans to double the size of its team in the region within the next year.
In 2021, Blockdaemon secured $28 million in a Series A funding round led by Greenspring Associates, with contributions from Goldman Sachs, BlockFi, Warburg Serres, Uphold, and Hard Yaka.
Blockdaemon serves a diverse clientele that includes notable entities such as Fortune 500 companies, banks, custodians, and trusts. Among its clients are Blockchange, Plaid, Citibank, Goldman Sachs, and B2C2. The company also provides support for a variety of blockchain networks, including ETH 2.0, Bitcoin, Cardano, Polkadot, Cosmos, SKALE, MobileCoin, and the Lightning Network. This varied clientele underscores the reliance of companies on Blockdaemon for essential functions such as node operations and staking, which are critical for securing cryptocurrencies and facilitating blockchain network activities while generating rewards.
