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Goldman Sachs backs $28M funding round for Blockdaemon

  • Posted On - 2021-06-09 06:45:30

Goldman Sachs has backed a Series A $28 M funding round for Blockdaemon, and invested Five Million in the blockchain infrastructure firm.

Goldman Sachs has backed a $28 M Series A funding round for blockchain based firm Blockdaemon.

The funding was led by Greenspring Associates and having participation from cryptocurrency lending firm BlockFi, and crypto-asset broker Voyager Digital Ltd, along with a $5 M investment from Goldman Sachs.

Goldman Sachs is an American multinational investment bank with a net worth of $131B. Goldman Sachs The  banking giant appears to be paying a notable amount of attention to the cryptocurrency of late. Last month the Goldman led a $15 M investment round in Coin Metrics which is a blockchain analytics firm, and also for institutional customer launched BTC derivatives trading in May

Blockchain based firm gives staking and node infrastructure for institutional customers such as Goldman Sachs. As per the firm, it has averaged more than $5 B in staked assets over the past 1 year and has forecast that figure to reach more than $50 billion by the end of 2021.

Blockdaemon offers exposure for institutional customers to networks such as ETH 2.0, BTC, Polkadot, and various protocols such as Dfinity and Near through the Blockdaemon marketplace.

As per the announcement of June 8, Blockdaemon will use the funding to expand node infrastructure services also for hiring new staff members and developers. Oli Harris, North America, head of digital assets at Goldman Sachs said:

“We are excited to join them as they continue to provide institutional-grade blockchain technology to all that want to leverage it.”

Instead of the investment bank warming up to crypto via investments and expanded services, the firm has taken an ambiguous approach to crypto in the media.

As per the report of Cointelegraph on 8 June, Goldman Sachs published a survey which found that BTC was the least favorite investment class among 25 CIOs from Asian hedge funds.

Earlier this month, the global head of commodities research at Goldman Sachs, Jeff Currie shut down the declaration of BTC being “digital-gold” after he described Bitcoin as a “risk-on” asset similar to copper.

However, last month, Goldman Sachs analyst Will Nance claimed that investing in Coinbase stock was the best way to gain exposure to the crypto market and avoid its volatility following the recent crypto downturn.

Source: https://cointelegraph.com/news/goldman-sachs-backs-28m-funding-round-for-blockdaemon