Blockchain.info: what it is and how it works

Blockchain.info, now called Blockchain.com, is a cryptocurrency financial services company. Specifically, the company started as an early blockchain explorer of 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 led by CEO Peter Smith, one of its three founders.

Between 2012 and 2021, the company raised a total of $190 million in venture capital funding. It also raised an additional investment of $300 million in March 2021.

Summary

• History and origin of Blockchain.info
• Blockchain.info wallet: what it is and how it works

History and origin 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 website 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 Armstrong, the co-founder of the cryptocurrency exchange Coinbase, planned to propose a payment platform for Bitcoin where users could hold a digital wallet, exchange other currency for Bitcoin at a percentage and make payments in Bitcoin.

However, due to differing opinions, the two parted ways. Reeves wanted to create a platform where users controlled access to their Bitcoin information, while Armstrong believed that the platform should retain custody of users’ wallets. Thus, Reeves continued working alone on 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 CEO.

That same year, the company acquired the data analytics platform RTBTC. As such, it integrated RTBTC’s technology with its existing services and established a platform offering 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 the Reddit community. At the time, it was the only Bitcoin wallet app available to Apple users. As a result, not long after, Apple reinstated the Blockchain.com app.

It wasn’t until 2018 that Blockchain.info began selling institutional cryptocurrency services. Then, in September 2020, the company joined the Coalition for App Fairness, which aims to negotiate better conditions for the inclusion of apps in app stores.

Still, in 2020 the company had 31 million users and in 2021 there were 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 raised a $120 million funding round from investors including Moore Strategic Ventures, Kyle Bass, Access Industries, Rovida Advisors 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 default impact of about $270 million in cryptocurrency and US dollar loans to Blockchain.com. The company then laid off 25% of its staff, about 150 people, on 21 July.

Blockchain.info wallet: what it is and how it works

As a cryptocurrency company, Blockchain.info provides a platform to hold, use, manage crypto assets, and explore cryptocurrency transactions. It also develops standards and infrastructure for financial services for crypto.

The company’s platform provides market data and analytics, following cryptocurrency’s goals of being decentralized and anonymous. Its main products are crypto wallet, exchange, block explorer, and institutional marketplace offerings.

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 different cryptocurrencies and stablecoins and can be used to send and receive digital currency transactions as well as exchange different cryptocurrencies.

It is important to specify that the Blockchain.info wallet is not guarded, which means that it is completely controlled by the user and 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 it is definitely one of the most reliable at present. 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 Blockchain.info wallet is the ability to transfer multiple crypto to a specific account and earn up to 13.5% on annual interest. It also supports 22 cryptocurrencies and is available in 25 languages.

The main cryptocurrencies supported include those usually found in the most well-known platforms in the industry, such as Coinbase and Binance, namely: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Stellar (XLM), Tether (USDT), Polkadot (DOT), Algorand (ALGO), and Aave (AAVE).

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