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Startup Talk
The people who built United Kingdom's companies · November 2026

Crypto wallet, exchange and brokerage

Blockchain.com

Blockchain.info began as a simple website that let anyone look at bitcoin transactions.

In early 2012 two young men applied to Y Combinator together. One was Ben Reeves. The other was Brian Armstrong, who would go on to found Coinbase. They did not finish the application as partners.

The disagreement was about a single design question: should the users control their own wallets, or the platform? Reeves held to the first view and carried on alone. That quarrel is the origin of one of the biggest rival pairings in crypto, and few people retell it.

The disagreement was about a single design question: should the users control their own wallets, or the platform?

Reeves had started Blockchain.info in August 2011 in York, England, with a website that let anyone watch bitcoin transactions, a block explorer. The sources do not give his birthplace or university. What is documented is the setting. Reeves, Nicolas Cary and later Peter Smith worked from his flat in York, and Roger Ver gave the first funding.

The early years were as fragile as the currency. In February 2014 Apple removed the app from its App Store, which caused backlash in the bitcoin community. It was reinstated in July 2014. By then Peter Smith had joined as chief executive, and in October 2014 the company raised US$30.5 million, then the largest funding round in digital currency.

The company grew slowly through a long winter. A US$40 million round in June 2017 valued it at US$280 million. Then crypto surged. In March 2021 a US$300 million round, with US$100 million from Baillie Gifford, valued it at US$5.2 billion.

The cost of that speed arrived in 2022. Three Arrows Capital's insolvency left about US$270 million in loans in default, and in July the company laid off roughly a quarter of its staff, about 150 people. In November 2023 a US$110 million Series E, led by Kingsway Capital, kept it going.

Today about 60 percent of revenue comes from brokerage and market services and about 40 percent from retail users, and Dealroom lists it at US$7 billion in November 2026.

The quiet lesson in the York flat and the failed application is that a principle can split a partnership before the company even exists. Reeves chose self-custody over a partner, and a decade later the company he kept building still carries that choice.

The Chronology year by year

  1. 2011
    • Reeves founds block explorer in York
    • early 2012: Reeves and Brian Armstrong apply to Y Combinator together, then split
  2. 2014
    • Apple removes the app, reinstated Jul 2014
    • Smith joins as CEO, first US$30.5m round
  3. 2017
    • US$40m round
  4. 2021
    • US$5.2bn valuation
  5. 2022
    • Three Arrows insolvency and 25 percent layoffs
  6. 2023
    • Series E

The Money Trail how it was funded

  1. Roger Ver initial funding (early)
  2. Oct 2014 US$30.5m (Lightspeed, Mosaic and others)
  3. Jun 2017 US$40m at US$280m valuation
  4. Feb 2021 US$120m
  5. Mar 2021 US$300m at US$5.2bn (Baillie Gifford US$100m)
  6. Nov 2023 US$110m Series E (Kingsway Capital)

Principal backers: Lightspeed Venture Partners, Mosaic Ventures, Baillie Gifford, Kingsway Capital, Roger Ver

The Close Calls what nearly broke it

  • Feb 2014: Apple removed the app from the App Store (reinstated Jul 2014)
  • 2022: about US$270m of loans to Three Arrows Capital defaulted and about 150 staff (25 percent) were laid off; crypto cycle volatility

In Their Own Words from the record

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Startup Talk · Preview edition · Figures are from public sources and may be out of date