Crypto exchange and wallet provider Blockchain.com has closed a $110 million raise, valuing the company at less than half of its previous $14 billion, according to a Bloomberg report.

The Series E was led by U.K.-based Kingsway Capital with participation from Lakestar, Lightspeed Venture Partners, and Coinbase Ventures.

Neither Kingsway nor Blockchain.com responded to a request for comment from CoinDesk by press time.

In January, the exchange had laid off 28% of its workforce, according to a report.

Last year, Bloomberg reported that Blockchain.com was looking to raise another round at a valuation of $3 billion-$4 billion. However, the exact valuation for the Series E was not confirmed.

Since this time, asset prices have significantly recovered. Bitcoin spent most of October 2022 under $20,000, and now it's trading above $35,000, according to CoinDesk Indices data.

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