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Crypto lender BlockFi raises $50 mn in Series C funding

By Pavithra R

August 21, 2020

  • Blockfi
  • USA
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Zac Prince, CEO, and Founder, BlockFi

US-based digital-asset lending platform provider BlockFi announced that the company has raised $50 million in Series C funding led by Morgan Creek Digital.

The investment round saw participation from investors like Valar Ventures (lead investor in BlockFi’s Series A and B), Castle Island Ventures, Winklevoss Capital, CMT Digital, Avon Ventures, HashKey, Purple Arch Ventures, Kenetic Capital, SCB 10X, Michael Antonov, NBA player Matthew Dellavedova, and two prestigious university endowments.

This latest round of funding is the 3rd in the past 12 months, coming on the heels of Series A and Series B rounds. The FinTech is planning to use the investment to bolster the team and expand it’s business lines, including the upcoming release of a bitcoin rewards-based credit card and support for additional assets and currencies.

“BlockFi’s platform offers investors unparalleled capabilities in the digital asset ecosystem. We’re excited to back this world-class team as they continue to add new products and expand into incremental areas that are disrupting traditional finance,” said Anthony Pompliano, Co-Founder and Partner at Morgan Creek Digital. Pompliano has also joined BlockFi’s Board of Directors.

The Series C funding comes amid the turbulence in world markets due to the pandemic, with many institutional investors and retail assessing their portfolios to better hedge against economic uncertainty. BlockFi being a fast-growing company, has seen its revenue grow ten-fold over the past year, putting the company on pace to reach $100 million in revenue over the next 12 months. The company boasts of having more than $1.5 billion in assets on the platform, with a 0% loss rate across its lending portfolio since inception. The firm has shown increased growth in Asian markets. The global expansion is not only adding more opportunities for retail clients, but also for institutional investors who serve a vital role in driving new business.

“The past 12 months at BlockFi have been nothing short of amazing, and if anything, it’s a testament to the staying power of bitcoin and other digital assets. With the support from our partners, we’re creating a platform for investors where they aren’t investing in just digital assets anymore—they’re investing in the future, greater financial empowerment and accessibility,” said Zac Prince, CEO, and Founder, BlockFi.

BlockFi recently strengthened its leadership team with new hires from several prestigious institutions, including a new Chief Growth Officer (CGO) Wittney Rachlin (American Express, Prudential), General Counsel Jonathan Mayers (Renaissance Technologies, Barclays, Deutsche Bank), Chief Security Officer Adam Healy (Bakkt, Palantir, various U.S. government offices), and Europe/APAC Managing Director David Olsson (Credit Suisse, Merrill Lynch). In June, the firm has released Android and iOS mobile app versions of its platform.

“Bitcoin, Ether, digital assets, cryptocurrency, blockchain – words that years ago were considered a pipedream are now more acceptable investment options to safeguard wealth at a time when traditional market performance doesn’t even make sense to analysts. We’re a driving force in bringing cryptocurrencies mainstream, and I can’t wait to see how the market is going to respond to what we’re working on next,” said Flori Marquez, SVP of Operations and Co-Founder, BlockFi.

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