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User:RG for Blockchain/Business model

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Business model

As a cryptocurrency company, Blockchain.com provides a platform for holding, using, and managing crypto assets and exploring cryptocurrency transactions.[1] It also develops financial services standards and infrastructure for cryptocurrencies.[2][3] The company's platform provides market data and analytics.[4] Blockchain.com's aim as a company is to develop a strong platform for cryptocurrency investment that is not based on speculation. It follows cryptocurrency's aims of being decentralized and anonymous; some of its cryptocurrency products are managed by the end user and not accessible by Blockchain.com itself.[5]

As of March 2021, Blockchain.com had 31 million users located in 200 countries.[6] Its main products are its cryptocurrency wallet, exchange, explorer and institutional markets offering.[7]

Products

Wallet

The company provides its users with a cryptocurrency wallet, this is a way to store cryptocurrency in a digital file that can be accessed online.[6] The wallet can be used with different cryptocurrencies and stablecoins. As of early 2021, there were a total of approximately 65 million Blockchain.com wallets.[7] Blockchain.com hosts the wallets and users can create a wallet via its website or using its mobile app. Its wallets can be used to send and receive digital currency transactions, as well as swap between different cryptocurrencies.[7] Between 2012 and February 2021, Blockchain.com wallets accounted for 28% of bitcoin transactions sent and received.[7]

Blockchain.com has a non-custodial wallet, meaning that it is controlled completely by the user and the company has no access to the wallet's data.[6] Users access their wallet with a private key, a recovery phrase known only to the user.[8][9]

Exchange

The company has an exchange to allow its users to buy, sell, and trade cryptocurrencies.[9] When the exchange was launched in 2019, the company introduced it as the fastest crypto exchange available, matching trades faster than other existing exchanges. The technology for the exchange is designed to prevent traders from using delays to manipulate pricing. Additionally, the exchange's user interface can be customized by traders to show them relevant information depending on their level of experience.[9]

Institutional markets business

In addition to its services for individuals, Blockchain.com also provides institutional investors with cryptocurrency-based financial services.[3] The company's institutional markets business provides cryptocurrency lending, borrowing, trading and custody of financial assets.[10] It also carries out over-the-counter transactions for large traders, acting as a broker to keep trades private and prevent price swings occuring based on market knowledge of the trades.[7][9]

Explorer

The company continues to operate a blockchain explorer that allows anyone to see public cryptocurrency transactions.[8] The explorer can be used to find more information about any transaction on a particular cryptocurrency blockchain by entering its hash code. This allows anyone who has the hash to see the addresses of the wallets the transaction was sent from and received to, the amount of the transaction, and any fees.[7] The tool can be used for analysis of transaction activity.[9] It also includes cryptocurrency data and analytics.[4] The company sells advertising space on the explorer page to derive revenue from the otherwise free service.[9]

References

  1. ^ "Hot crypto company Blockchain is opening in San Francisco after acquiring a small app building shop". Business Insider. May 3, 2018. Retrieved March 17, 2021.
  2. ^ Nichols, Hans; Kokalitcheva, Kia (March 10, 2021). "Scoop: Jim Messina aims to shape cryptocurrency future". Axios. Retrieved March 26, 2021.
  3. ^ a b Vigna, Paul (April 8, 2021). "Gamestop and Bitcoin renewed a push to digitize the stock market". Wall Street Journal. Retrieved May 12, 2021.
  4. ^ a b Vigna, Paul (April 17, 2014). "Blockchain Buys Rights to Bitcoin.com Domain Name". Wall Street Journal. Retrieved May 12, 2021.
  5. ^ Sydney Ember (2014-10-07). "Bitcoin Start-Ups Luring Ever More Investment". The New York Times. p. B3. Retrieved 2015-10-02.
  6. ^ a b c Titcomb, James (March 24, 2021). "Blockchain.com founder from York worth hundreds of millions after $5.2bn valuation". Telegraph. Retrieved March 26, 2021.
  7. ^ a b c d e f Dillet, Romain (February 17, 2021). "Crypto wallet and exchange company Blockchain.com raises $120 million". TechCrunch. Retrieved March 17, 2021.
  8. ^ a b Dillet, Romain (March 24, 2021). "Crypto wallet and exchange company Blockchain.com raises $300 million at $5.2 billion valuation". TechCrunch. Retrieved March 24, 2021.
  9. ^ a b c d e f Roberts, John (July 30, 2019). "Blockchain Launches 'Fastest' Crypto Exchange in the World". Fortune. Retrieved March 17, 2021. Cite error: The named reference "Roberts2019" was defined multiple times with different content (see the help page).
  10. ^ Hackett, Robert (February 17, 2021). "Blockchain lands $3 billion valuation after $120 million fundraising". Fortune. Retrieved March 17, 2021.
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