Crypto lender BlockFi raises a massive $350 million in funding at a $3 billion valuation
We wrote about BlockFi back in August 2020 after the crypto lending startup raised $50M in Series C funding to provide digital asset-backed loans to crypto investors. A lot has changed since then and the company has been expanding its global footprint. Just last month, BlockFi launched an over-the-counter market trading desk. It also rolled out private client services in Asia in February.
Today, BlockFi announced it has raised a whopping $350 million at a $3 billion valuation making the startup a member of the highly coveted unicorn club. BlockFi CEO Zac Prince said the company will use the new capital infusion to build a range of financial services.
Founded by Zac Prince and Flori Marquez in 2017, BlockFi is a provider of cryptocurrency-focused financial products, including zero-fee trading and interest-bearing accounts. The company started lending in January 2018, the company offers the ability to leverage Bitcoin and Ether to obtain USD loans.
BlockFi recently rolled out a new service that lets you use cryptocurrency to earn interest at up to 8.6% APY, borrow cash, and buy or sell crypto.
BlockFi operates in over 44 U.S. states and is backed by leading investors including Galaxy Digital Ventures LLC, ConsenSys Ventures, and SoFi. BlockFi is a secured non-bank lender that offers USD loans to crypto-asset owners who collateralize the loan with their crypto-assets. Our products bring additional liquidity to the blockchain asset sector and meet the needs of both individuals and institutions holding blockchain assets.
In a recent interview with CoinDesk, BlockFi CEO Zac Prince said BlockFi currently has $10 billion in outstanding loans, $15 billion in total assets, and has been “operating profitably for several months.”
The latest injection of capital will also go toward doubling BlockFi’s 500-person team by the end of 2021, launching a bitcoin rewards credit card in the second quarter, and expanding the focus of its retail products to markets outside the U.S., said Prince.