raises $110 million in Series E funding

Quick Take

  • The crypto exchange raised $110 million in Series E financing led by Kingsway Capital. 
  • The firm’s valuation sits at less than $7 billion following a $14 billion valuation in March of 2022, Bloomberg reports. 

Crypto exchange has secured a $110 million raise in Series E financing.

Kingsway Capital, an investment management firm based in the UK, led the new funding round, according to a company release. Additional participants include Baillie Gifford, Lakestar, Lightspeed Venture Partners, Coinbase Ventures and others.'s valuation sits at "less than half of" $14 billion, Bloomberg reported citing sources familiar with the matter. The firm reached its $14 billion valuation in March of 2022 after an undisclosed amount raised in a Series D financing round. 

Manny Stotz, Kingsway Capital founder and CEO, and Nicolas Brand, partner at Lakestar, have joined's board of investors following the round.

Kingsway Capital had also led another undisclosed funding round for that closed in the third quarter of last year, The Block previously reported in October of 2022. 


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By signing-up you agree to our Terms of Service and Privacy Policy's struggles was left with a $270 million hole after the 2021 collapse of the crypto lender Three Arrows Capital, which the company had lent funds to.

The firm laid off 150, or 25%, of its staff, closed its Argentinian office and reduced CEO compensation in July 2022. did not immediately respond to The Block's request for comment. 

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.


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