Blockchain.info: what it is and how it works
Blockchain.infonow called Blockchain.com, is a cryptocurrency financial services company. Specifically, the company started as an early blockchain explorer Bitcoin in 2011 and later created a cryptocurrency wallet.
In addition, Blockchain.info also operates a cryptocurrency exchange and provides institutional markets with commercial loans, data, charts and analysis. The company is managed by the managing director Peter Smithone of the three founders.
Between 2012 and 2021, the company collected a total of 190 million dollars in venture capital financing. It also provided an additional investment 300 million dollars in March 2021.
History and Origins of Blockchain.info
Blockchain.info was founded by Ben Reeves in 2011. At first it was simply launched as a website that could be used to track Bitcoin transactions. In other words, the site allowed Bitcoin users to see the details of public cryptocurrency transactions if they had the identifying hash code for the transaction.
In early 2012, Reeves and Brian Armstrongco-founder of cryptocurrency Exchange Coin baseplanned to propose a payment platform for Bitcoin where users could hold a digital wallet, exchange other currencies for Bitcoin at a percentage and make payments in Bitcoin.
But due to different opinions, they separated two teams. Reeves wanted to create a platform where users controlled access to their Bitcoin information, while Armstrong believed the platform should retain custody of users’ wallets. Thus, Reeves continued to work alone at Blockchain.info.
From 2013 to 2014, Blockchain.info’s user base grew from 100,000 wallet users in early 2013 to 1.5 million in April 2014. Therefore, in 2014, Blockchain.com was the most popular Bitcoin wallet, led by Nicolas Cary as managing director.
In the same year, the company acquired the data analysis platform RTBTC. As such, it integrated RTBTC’s technology with its existing services and established a platform that offers cryptocurrency wallet, pricing and analytics, as well as the cryptocurrency explorer.
Problems for Blockchain.info came when apple Inc. removed the Blockchain.com app from the iOS App Store in 2014, sparking a public outcry in the Bitcoin community, particularly within Reddit society. At the time, it was the only Bitcoin wallet app available to Apple users. As a result, not long after, Apple reintroduced the Blockchain.com app.
It was only in 2018 that Blockchain.info started selling institutional cryptocurrency services. Then, in September 2020, the company joined the Coalition for App Fairnesswhich aims to negotiate better conditions for the inclusion of apps in app stores.
Nevertheless, the company had in 2020 31 million users and in 2021 it was 65 million Blockchain.com wallets. In fact, 28% of Bitcoin transactions since 2012 have been initiated or received from a Blockchain.com wallet.
In February 2021, Blockchain.com collected a 120 million dollars funding round from investors including Moore Strategic Ventures, Kyle BassAccess Industries, Rovida advisers and others.
This year, the CEO of Blockchain.com wrote to shareholders informing them that the rapid insolvency of Three Arrows Capital resulted in a standard effect of approx 270 million dollars in cryptocurrency and US dollar loans to Blockchain.com. The company subsequently laid off 25% of employees, approximately 150 people, on July 21.
Blockchain.info wallet: what it is and how it works
As a cryptocurrency company, Blockchain.info provides a platform for holding, using, managing crypto assets and exploring cryptocurrency transactions. It also develops financial services standards and infrastructure for crypto.
The company’s platform provides market data and analytics, following cryptocurrency’s goals of being decentralized and anonymous. The main products are crypto wallet, exchange, block explorer and institutional marketplaces.
The company offers a cryptocurrency wallet, called Blockchain.info (or Blockchain.com) wallet: a method of storing cryptocurrency in a digital file that can be accessed online.
The wallet can be used with various cryptocurrencies and stablecoins and can be used to send and receive digital currency transactions as well as exchange various cryptocurrencies.
It is important to specify that the Blockchain.info wallet is not protected, which means that it is completely controlled by the user and that the company does not have access to the user’s data. In fact, users access their wallet with a private key, a recovery phrase known only to the user.
In addition, Blockchain.com’s wallet has more than 60 million users worldwide, which means that it is definitely one of the most reliable at the moment. As one of the most comprehensive and secure wallets on the market, this crypto wallet has both a web app and special apps for iOS and Android devices.
One of the most interesting features of the Blockchain.info wallet is the ability to transfer multiple cryptos to a specific account and earn up to 13.5% annual interest. It also supports 22 cryptocurrencies and is available in 25 languages.
The main cryptocurrencies supported include those commonly found on the most well-known platforms in the industry, such as Coinbase and Binancenamely: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH)Stellar (XLM), Tether (USDT)Polka dot (DOTS), Algorand (ALGO)and Aave (AAVE).
