Crypto exchange and wallet provider Blockchain.com closed a $110 million Series E financing round, an investment that more than halves its previous 2022 valuation of $14 billion.

In a Nov. 14 blog post, Blockchain.com said the closing of its Series E round was led by the United Kingdom-based venture capital firm Kingsway Capital. It also saw participation from Baillie Gifford, Lakestar and Coinbase Ventures, among others.

A Nov. 14 Bloomberg report citing sources familiar with the matter said the $110 million round places Blockchain.com at less than half of its $14 billion valuation from March 2022.

On March 30, 2022, Blockchain.com closed a funding round that saw its valuation spike from $5.2 billion to $14 billion, less than two months before the collapse of Do Kwon’s Terra ecosystem triggered a liquidity cascade that bankrupted hedge fund Three Arrows Capital (3AC) and a slew of high profile crypto lenders.

Blockchain.com’s March 2022 funding round was led by global venture capital firm Lightspeed Ventures and Baillie Gifford & Co. — an investment management firm renowned for its early involvement in growth stocks such as Tesla.

While the new investment saw the firm’s valuation dip, the funding activity hints at a newfound investment appetite for crypto firms, buoyed by a continued uptick in digital asset prices more broadly.

The broader market enthusiasm for crypto assets is tied to multiple pending applications for spot Bitcoin exchange-traded fund (ETF) products from financial firms such as BlackRock and Fidelity.

Bitcoin is currently up 116% in the last year, while other major cryptocurrencies such as Ether and Solana are respectively up 61% and 300% over the last 12 months.

Founded in 2011, Blockchain.com has 37 million verified users with 82 million wallets and over $1 trillion in total transaction value across its platform.