Kingdom entrepreneur industrial era, known for its bold innovations and high-profile hires, is now the latest to be sold.
The news comes just a few weeks after the company sold its flagship online store, King of Oreskos, to a group of investors led by Founders Fund, the company’s primary investor.
Kingdom CEO Chris D’Arcy, who was the company founder and CEO from 2005 to 2014, said in a statement that the sale was a great day for the company and for King of the Oreskins.
“The future is bright for Kingdom,” D’Aarcy said.
“I’m looking forward to bringing our vision and vision of a new age of entrepreneurship to life.”
Kingdom’s sale comes a week after it announced a $100 million Series C funding round led by Andreessen Horowitz.
The deal will help King expand its footprint outside of the U.S. and help the company diversify into new markets.
Kingdom, which has been growing at a rate of more than 30 percent annually, has been a leader in the blockchain space for a while, having released its own version of the Ethereum virtual currency in January.
But the company has been increasingly turning to venture capital in recent years to keep up with its growth, which now totals more than $1 billion.
CEOs like D’Anarcho are looking to take the next step, as the company is now in the middle of a pivot to become a fully decentralized enterprise that doesn’t rely on a centralized server or payment processor.
D’Arcys company is building the platform for the future, with the goal of creating a “digital economy that can support any kind of use case, from manufacturing to entertainment to education,” the company said in its announcement.
Kingdoms move comes at a time when the blockchain community is taking on some of the biggest challenges facing the digital economy.
Over the past few months, major corporations like Airbnb and Amazon have begun to explore using blockchain technology to automate business processes and allow users to buy or sell goods and services directly.
Meanwhile, the U:ICP, a group led by former Goldman Sachs CEO Gary Gensler, announced last month that it would use the blockchain to help speed up payments to U.N. peacekeepers in Africa.
This past week, the Federal Reserve announced that it was partnering with IBM and the Federal Trade Commission to launch the first national blockchain bank.
“We are not only the leading blockchain company in the world, we are the leader in blockchain innovation and technology, with an unparalleled track record in developing the next generation of blockchains for financial services,” Darcy told USA Today in an interview.
A spokesperson for King said that the company will continue to grow, adding that the goal is to “continue to drive growth, innovation, and value creation for all our customers and partners.”