Founding (2011-2014)
Blockchain.info was established by Ben Reeves in 2011. He launched a website which could be used to track bitcoin transactions.[8] The website was a block explorer, a website that allowed bitcoin users to see the details of public cryptocurrency transactions if they have the identifying hash code for the transaction.[9]
In early 2012, Reeves and Brian Armstrong, the co-founder of crypto-currency exchange Coinbase, applied to Y Combinator's summer class.[6][8] They proposed a payment platform for bitcoin where users could keep a digital wallet, exchange other currencies for bitcoins for a percentage fee, and make payments in bitcoin.[8] Due to different opinions they parted ways prior to attending Y Combinator.[8][6] Reeves wanted to create a platform where users controlled access to their bitcoin information, while Armstrong felt that the platform should retain custody of the users wallets.[8][1] After parting ways with Armstrong, Reeves continued to work on Blockchain.info.[1]
From 2013 to 2014, Blockchain's user base grew from 100,000 wallet users in early 2013 to 1.5 million in April 2014.[10] By 2014, Blockchain.com was the most popular bitcoin wallet and was led by Nicolas Cary as CEO. It had acquired two companies, ZeroBlock in 2013, and RTBTC in early 2014, through which it added data analytics services, and brought these services together under one umbrella.[10] In December 2013, Blockchain.com acquired ZeroBlock, an app for bitcoin pricing.[10] The following year, it acquired the data analytics platform RTBTC. It integrated RTBTC's technology with its existing services, establishing one platform offering cryptocurrency wallet, pricing and analytics, and the cryptocurrency explorer.[10]
In February 2014, Apple Inc. removed the Blockchain.com app from the iOS App Store, prompting a public outcry in the bitcoin community, most notably within the Reddit community. At the time, it was the only bitcoin wallet app available for Apple users, as Apple had removed or denied other apps.[11] In July 2014, Apple reinstated the Blockchain.com app.[12]
In 2014, Peter Smith joined the founding team as its CEO.[6][13] The three founders, Reeves, Cary and Smith, worked from Reeves' flat in York and formally established the company when bitcoin investor Roger Ver provided initial funding.[1] By October 2014, it had 2.3 million consumer wallets and raised $30.5 million in its first external fundraising round, with investors including Lightspeed Venture Partners and Mosaic Ventures.[13] This was the biggest round of financing in the digital currency sector at that time.[13] The World Economic Forum named the company as one of 2016's "Technology Pioneers".[14] In 2017, the company carried out a second round of fundraising.
