Crypto startup Blockchain.com adds top Walmart executive to board

[ad_1]

Blockchain.com is adding the senior independent director of Walmart Inc., the world’s largest retailer, to its own board ahead of a potential public offering by the cryptocurrency service.

Tom Horton’s arrival adds to Blockchain.com’s lineup of backers from other blue chip companies and furthers the spread of crypto; the company is already known for its blockchain wallet which helps people manage digital currencies. But there are also fears that a crypto winter is at hand, as the price of Bitcoin continues to fall from its November all-time high.

“There’s a gigantic shift going on in financial services and currencies, and being a part of it is very exciting,” Horton said in an interview. “What’s happening here is relevant to the things I’m involved in elsewhere – other boards, other companies.”

The move comes as Walmart prepares to enter the field with its own cryptocurrency and collection of non-fungible tokens. Peter Smith, CEO of Blockchain.com, said in an interview that his company had no agreement with Walmart, and a representative for the Bentonville, Arkansas-based merchant did not immediately respond to a request for comment.

crypto crunch

Blockchain.com has bolstered its board of directors ahead of an expected initial public offering, which could take place in the “near to medium term,” Smith said. It is unclear whether the public markets are ready for another crypto debut, given the recent drop in digital currencies to bear market levels.

Bitcoin, for example, has lost nearly half its value in the past week since early November. Coinbase Global Inc. is down 23% since the crypto exchange went public last April.

New companies sometimes seek to assuage the nervousness of potential investors, partners and customers by adding veterans from established mainstream companies. Horton, 60, serves on the board of directors of General Electric Co.; he was previously chairman of American Airlines Group Inc. and senior adviser to Warburg Pincus LLC, the private equity firm whose chairman is Timothy Geithner, the former US Treasury Secretary.

Earlier this month, Blockchain.com’s board added Marcie Vu, former head of internet banking at Morgan Stanley. Backers include Google Ventures, Lightspeed Commerce Inc. and Sir Richard Branson. So far, $537 million has been raised, with the latest valuation set at $5.2 billion in March last year.

Global Growth

The company is launching new services, such as its future NFT marketplace, and expanding internationally. It has made five acquisitions in the past 12 months, including one to expand into Latin America, Smith said.

Blockchain.com is not the biggest in the industry. With its 37 million verified users, it has just over half the number of Coinbase customers.

Last year, revenue increased about a fold, with institutional business growing at nearly double that rate, he said. Blockchain.com is “extremely profitable,” said Smith, who did not disclose exact revenues or profits. It employs 550 people, down from about 200 a year ago, he said.

“It’s a multinational, it’s a growing company, it’s getting bigger all the time,” Horton said. “Where I can perhaps help is to help mature the business even further.”

Subscribe to La Monnaie newsletters

* Enter a valid email address

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our app now!!

[ad_2]