Crypto Startup Blockchain.com Adds Top Walmart Director To Board

The arrival of Tom Horton adds to Blockchain.com’s array of supporters of other blue-chip firms and coincides with the proliferation of crypto; The company is already known for its blockchain wallet that helps people handle digital currencies. But there are also fears that the crypto winter is at hand, as the price of bitcoin continues to fall from its all-time high in November.

“There is a huge shift going on in financial services and currencies, and it is very exciting to be a part of it,” Horton said in an interview. “What is happening here is relevant to the things that I am involved with elsewhere – other boards, other companies.”

The move comes as Walmart prepares to enter the arena with its own cryptocurrency and collection of non-fungible tokens. Blockchain.com CEO Peter Smith said in an interview that his company has no agreement with Walmart, and a representative for the Bentonville, Arkansas-based merchant did not immediately respond to a request for comment.

crypto crunch

Blockchain.com is strengthening its board ahead of a planned initial public offering, which could happen in the “near to medium term,” Smith said. Whether the public markets are ready for another crypto debut is unclear, given the recent decline of digital currencies to bear market levels.

For example, bitcoin has lost almost half of its value since the beginning of November compared to the previous week. Coinbase Global Inc. is down 23% since the crypto exchange went public last April.

New companies sometimes seek to quell panic among potential investors, partners and customers by adding legions of established mainstream businesses. Horton, 60, is on the board of General Electric Co.; He was previously chairman of American Airlines Group Inc. and a senior advisor to the private equity firm Warburg Pincus LLC, which is headed by Timothy Geithner, the former US Treasury secretary.

Earlier this month, the board of Blockchain.com added Marcy Wu, the former head of consumer internet banking at Morgan Stanley. Financial backers include Google Ventures, Lightspeed Commerce Inc. and Sir Richard Branson. So far, $537 million has been raised, with the most recent valuation pegged at $5.2 billion in March last year.

global development

The company is launching new services, such as its upcoming NFT Marketplace, and is growing internationally. Smith said it has made five acquisitions in the past 12 months, including one for expansion in Latin America.

Blockchain.com isn’t the biggest in the business. With its 37 million verified users, it accounts for more than half of Coinbase’s customers.

Last year, revenue grew nearly ten-fold, with the institutional business growing at nearly double the pace, he said. “Blockchain.com is “extremely profitable,” Smith said, who would not disclose the exact revenue or profit. It employs 550 people, up from about 200 a year ago, he said.

“It’s a multinational company, it’s a growing company, it’s getting bigger all the time,” Horton said. “Where I may be able to help is help the company mature even more.”