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JPMorgan Unit, Tiger Global Join Blockchain Firm’s Funding Round

  • Fast-growing Blockdaemon connects customers to blockchain
  • Goldman, Softbank Vision Fund 2 among existing investors

JPMorgan Chase Strategic Investments and Tiger Global Management announced investments in blockchain-infrastructure company Blockdaemon, as traditional financial institutions seek a foothold in the burgeoning area of decentralized finance.

Blockdaemon already counts Softbank Group Corp. and Goldman Sachs Group Inc. among existing backers and in September had said the Series B round valued it at $1.255 billion. The firm, which connects commercial stakeholders to blockchains and helps manage nodes -- a network’s stakeholders or devices such as computers -- said in a statement Wednesday that revenue expand 20-fold as more large investors seek to get into the crypto space.