Luxembourg-based Blockchain seeks UK government handout

posted 6 months ago
Luxembourg-based, crypto wallet provider Blockchain is seeking a handout from the UK government. Notably, the company was initially registered in the British Virgin Islands, and most of its employees are in the US. The UK government is providing relief loans to help many businesses stay on their feet during the COVID-19 pandemic. Peter Smith, CEO of the crypto wallet and data provider, has included his signature alongside those of a dozen other startups (most of them unprofitable) in letter to the Chancellor.

The letter urges the Chancellor to help "high-growth tech companies invested in technology and growth rather than short term profitability." According to Crunchbase, since 2014, Blockchain has raised $70 million over four rounds, with backing from Digital Currency Group, Google, and Sir Richard Branson. Several executives left the company over the last year, some citing concerns over the future direction and growth of the firm.
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