Crypto exchange and wallet provider Blockchain.com closed a $110-million Series E financing round, an investment that more than halves its previous 2022 valuation of $14 billion.

In a Nov. 14 blog post, Blockchain.com said the closing of its Series E round was led by the United Kingdom-based venture capital firm Kingsway Capital. It also saw participation from Baillie Gifford, Lakestar and Coinbase Ventures, among others.

A Nov. 14 Bloomberg report citing sources familiar with the matter said the $110-million round places Blockchain.com at less than half of its $14 billion valuation from March 2022.

On March 30, 2022, Blockchain.com closed a funding round that saw its valuation spike from $5.2 billion to $14 billion, less than two months before the collapse of Do Kwon’s Terra ecosystem triggered a liquidity cascade that bankrupted hedge fund Three Arrows Capital (3AC) and a slew of high profile crypto lenders.

Blockchain.com’s March 2022 funding round was led by global venture capital firm Lightspeed Ventures and Baillie Gifford, an investment management firm renowned for its early involvement in growth stocks such as Tesla.

Related: Goldman Sachs leads $95M funding round for blockchain payment firm Fnality: Report

While the new investment saw the firm’s valuation dip, the funding activity hints at a newfound investment appetite for crypto firms, buoyed by a continued uptick in digital asset prices more broadly.

The broader market enthusiasm for crypto assets is tied to multiple pending applications for spot Bitcoin exchange-traded fund products from financial firms such as BlackRock and Fidelity.

Bitcoin (BTC) is currently up 116% in the last year, while other major cryptocurrencies such as Ether (ETH) and Solana (SOL) are up 61% and 300%, respectively, over the last 12 months.

Founded in 2011, Blockchain.com has 37 million verified users, 82 million wallets and over $1 trillion in total transaction value across its platform.

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