Tom Slater of Scottish Mortgage interviews Blockchain. com Co-Founder and CEO, Peter Smith, about the company's resilience during challenging times in the cryptocurrency market. With the crypto market exceeding $3 trillion, Blockchain. com benefits from its strong reputation amid numerous scams and scandals impacting investor trust. The platform, operational since 2011, has facilitated over $1 trillion in transactions and serves 37 million verified users worldwide. Smith emphasizes Blockchain. com’s mission to enhance financial freedom and choice, allowing users from diverse locations to interact economically. He highlights the importance of providing equal financial access globally, especially in unstable environments like Uganda. In addition to individual clients, Blockchain. com targets institutional clients, including banks and hedge funds, with growth in this sector outpacing consumer growth in 2024. Smith asserts that institutions ultimately represent consumers, as all funds return to individuals. Trust is essential in the crypto industry, and Smith is proud that Blockchain. com has never broken a trade or prevented withdrawals. Following the FTX collapse, the company prioritized transparency by allowing customers to withdraw funds easily, which ultimately strengthened customer confidence. A notable partnership with the Dallas Cowboys has increased Blockchain. com's visibility in the sports sector.

Smith notes that while past administrations were restrictive, the current political climate under Donald Trump promises to be more favorable for crypto, potentially simplifying regulations. Scottish Mortgage first invested in Blockchain. com in April 2021, during a severe market downturn where many crypto firms failed. The company's long-term strategy, experienced board, and proactive risk management helped it navigate the challenges and emerge stronger. Blockchain. com now represents about 1% of Scottish Mortgage's portfolio, being one of its largest private investments. As Slater concludes, the investment opportunity lies in Blockchain. com’s potential to create significant returns by establishing the future financial infrastructure. This communication was produced in February 2025 and reflects views at that time. Investments in private companies can increase risk and may be less liquid. The trust also invests in foreign securities, which may influence the value of investments due to currency fluctuations. Baillie Gifford & Co and its affiliates are regulated by the Financial Conduct Authority (FCA), while the investment trusts managed by Baillie Gifford & Co Limited are listed on the London Stock Exchange and are not regulated by the FCA.