Blockchain.com to possibly raise capital at 71%-79% discount to prior value - report

As the recent digital assets market downturn takes its toll across a slew of crypto-related firms, Blockchain.com may seek new fundraising that would result in just a $3B-4B valuation compared with the $14B price tag it achieved early this year, people familiar with the matter recently told Bloomberg.Terms of the possible funding round have not been finalized and discussions are in the early stages.The possible devaluation, which would represent as much as a 79% discount from last year's mark, comes as venture capitalists largely retreat from taking stake in crypto-focused startups against a backdrop of depressed token prices. Crypto VC funding fell 26% in the first half of 2022. Blockchain.com did not immediately respond to a request for comment by Seeking Alpha.Blockchain.com has gotten stung by the crypto slump. For instance, the crypto financial services startup was reportedly set to lose $270M from lending to insolvent crypto hedge fund Three Arrows Capital. Shortly thereafter, the company was said to have slashed 25% of its headcount.And yet, Blockchain.com continues to expand its global footprint. Earlier this month, (Oct. 12) the company received a license to offer its crypto services in Singapore.