Blockchain Infrastructure Firm Blockdaemon Looks to APAC for Growth

Blockdaemon has launched operations in Singapore as part of its expansion into the Asia Pacific region (APAC).

The institutional-grade blockchain infrastructure company supports multiple institutional use cases with a single API integration. infrastructure supports over 50 blockchains, including 31 proof-of-stake protocols such as ETH 2.0, Polkadot, Tezos, Polygon/Matic, Cardano and NFT API functionality from its Ubiquity API suite.

“The APAC region is an important part of the blockchain movement. Not only does it represent one of the largest and most important economic regions in the world, but it is also arguably one of the savviest and advanced when it comes to crypto and blockchain technology,” Konstantin Richter, CEO and founder of Blockdaemon, said in an announcement.

Market opportunity

The company cited the size of the global blockchain technology market – projected to reach $39 billion by 2025 and the APAC region being set to lead the global blockchain market by a compound annual growth rate (CAGR) of 66.7% between 2019 and 2027, according to Statista data. Blockdaemon said it aims to capture this growing market by expanding its existing footprint significantly in Singapore, with its sights set to tap into Hong Kong, Australia, Japan, Korea, India, and wider APAC markets.

Andrew Vranjes, VP sales and general manager, will be responsible for driving Blockdaemon’s strategy in the region, growing its institutional client base as well as building out the team’s physical presence in Singapore. Vranjes brings 20 years of experience in established internet and technology companies, most recently as the head of startup ecosystem at Amazon Web Services (AWS). He previously held senior leadership roles at Cisco Systems and Singtel/Optus.

The company also added Glenn Woo, who heads APAC sales. Woo is a veteran of the crypto industry and was the managing director and head of APAC for Ledger before joining Blockdaemon. Woo leads business development and partnership efforts in the region, with a focus on building customized solutions for institutions seeking a secure partner.

New funding

Blockdaemon recently closed a Series C funding round of US$207 million, with a post-money valuation of US$3.25 billion. The round was led by Sapphire and Tiger Global, with participation from existing investors SoftBank Vision Fund 2, Boldstart Ventures, StepStone Group, Matrix Capital Management, and Lerer Hippeau.

It recently acquired Sepior, a leading data and digital asset security company focused on institutional-grade cryptographic key management and protection to provide security as a service for firms.