BlockFi, the Bitcoin loan platform raises $ 30 million in Series B funds
BlockFi, a New York-based Bitcoin loan firm, has raised $ 30 million in its Series B financing run by Valar Ventures backed by Peter Thiel, also a venture capital firm focused on fintech based in New York.
BlockFi announced the News in a blog post published on its website on February 13. According to the announcement, participating investors include Morgan Creek Digital, PJC, Akuna Capital, CMT Digital, Avon Ventures, Castle Island Ventures, Purple Arch Ventures, Kenetic Capital, Winklevoss Capital, Arrington XRP Capital and HashKey Capital based in Hong Kong.
Andrew McCormack, general partner of Valar Ventures, commented:
"We are proud to have made our first investment in the cryptocurrency sector with BlockFi, and we are excited to continue pushing the company forward while defining the industry standard for the appearance of a modern cryptocurrency financial services company." To say the least, BlockFi has been one of the most successful companies we have invested from the beginning.
The new financing is oriented to the company's plans for its product offering and its geographical footprint. The firm said that "The profits will be used to grow the team at an accelerated pace and expand BlockFi offers to include products accessible to a conventional audience, starting with a mobile application in the coming months."
BlockFi also raised $ 18.3 million in Series A funds in August last year. The firm also announced plans to open a new office in Singapore in the first half of 2020 to better serve its institutional clients in Asia Pacific.
The firm began its loan services in January 2018 with little fanfare and a modest fundraiser of $ 1.55 million. At that time, the company introduced itself as a retail lender in which users could store their bitcoins or Ethereum and enjoy high performance.
Since then, the company has seen rapid growth with 650 million dollars on its platform. The lender offers a set of financial products that interact seamlessly with each other. Users can enjoy an annual percentage yield of 8.6% by keeping Bitcoin, Ether and stablecoins in the company's crypto-based interest accounts. The BlockFi revenue They grew 20 times in 2019 and currently serves more than 50 of the most reputable institutional clients in the cryptocurrency market.
Zac prince, CEO and co-founder of BlockFicommented:
“At BlockFi, we believe that access to financial products for wealth creation should not be limited by geography or net worth. With this investment, we are one step closer to realizing that vision. As our platform continues to mature, BlockFi customers benefit from more diverse products and, in turn, greater financial empowerment. ”