- Blockdaemon acquires expand.network in its fifth acquisition, enhancing its DeFi infrastructure capabilities.
- The acquisition provides unified API access to various DeFi protocols including decentralized exchanges, staking, and lending platforms.
- Backed by major financial institutions including Citi, Goldman Sachs, and JP Morgan, Blockdaemon currently serves over 400 institutional clients.
Blockdaemon, the institutional blockchain infrastructure provider, has acquired expand.network in its fifth strategic purchase. The acquisition strengthens Blockdaemon’s position in the decentralized finance (DeFi) space by integrating expand.network’s unified API solution, which connects to various DeFi protocols including decentralized exchanges, staking, and lending platforms.
Blockdaemon, backed by financial giants Citi, Goldman Sachs, and JP Morgan, continues its expansion strategy with this latest acquisition. Expand.network, which was originally incubated by Cumberland Labs (co-founded by DRW), offers comprehensive API solutions that extend beyond basic transactions to include pre-trade analytics for liquidity pools, pricing data, and post-trade reconciliation services.
The blockchain infrastructure firm currently provides node infrastructure, staking capabilities, and Multi-Party Computation (MPC) wallet solutions to a client base exceeding 400 institutions. This acquisition represents Blockdaemon’s first purchase since 2022, when it acquired Sepior, a security pioneer in MPC technology for private key protection.
“Their approach to simplifying Web3 connectivity aligns perfectly with our mission to provide institutional partners with seamless blockchain integration,” said Konstantin Richter, Founder and CEO of Blockdaemon. “This acquisition enhances our ability to offer a comprehensive suite of solutions in a rapidly evolving market. With institutions increasingly exploring DeFi, Blockdaemon is strategically positioned to support and accelerate this shift.”
The company’s financial backing remains substantial, with approximately $500 million raised in funding, primarily accumulated in the year leading up to August 2022. During this fundraising period, Blockdaemon achieved a Series C valuation of $3.25 billion. Its prominent investors include Citi Ventures, Goldman Sachs, JP Morgan, Salesforce Ventures, SoftBank Vision Fund, and Tiger Global.
Beyond traditional financial backers, Blockdaemon’s platform serves major technology and cryptocurrency companies including Microsoft, stablecoin developer Circle, and MetaMask Institutional. This diverse client base demonstrates the growing institutional adoption of blockchain infrastructure services as DeFi continues to mature as a financial ecosystem.
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