The crypto lender BlockFi has noted as one of its many plans to utilize the new capital boost to accelerate the expansion of its services into new markets.
Crypto lender and digital assets services provider BlockFi has announced the completion of its Series D capital fundraising. Per the official press release, the company recorded $350 million in the financing round, led by new investors including Bain Capital Ventures, partners of DST Global, Pomp Investments, and Tiger Global.
Since its inception back in 2017, BlockFi has conducted four funding rounds with the former three pulling in a total of $100 million and features participation from Morgan Creek Digital, Breyer Capital, Susquehanna Government Products, LLLP, and Bracket Capital amongst others. Following this recently closed capital raise, BlockFi now has a $3 billion valuation.
The $350 million funds accrued by the crypto lender have given credence to its strategic business offerings, following the growing adoption of digital currencies including Bitcoin (BTC), and Ethereum (ETH) on a global scale, as well as the unique opportunities that the emerging cryptocurrency market heralds.
“In less than six months since we completed our Series C, bitcoin and other digital assets have assumed a central role in many investors’ portfolios and in broader financial markets. Our conviction that digital assets are the future of finance has been vindicated by our client base, which grew 10x YoY in 2020 and has more than doubled since the end of 2020,” said Zac Prince, CEO, and Co-Founder of BlockFi. “Digital assets will continue to democratize finance, serve as a hedge against inflation and expansionary monetary policy, and promote innovation in financial technology and accessibility to financial services.”
The new cash injection will help the New York-based firm to augment its existing services and offerings which borders around earning yield on crypto holdings at attractive rates; buying and selling supported digital assets directly on the BlockFi platform and crypto-backed loan provisions.
Crypto Lender BlockFi to Utilize New Funds for Global Expansion
The crypto lender BlockFi has noted as one of its many plans to utilize the new capital boost to accelerate the expansion of its services into new markets. Additionally, Flori Marquez, Senior Vice President of Operations and Co-Founder of BlockFi reiterated that the firm will focus on expanding its talents and products in the coming months.
“Our goal for BlockFi has always been for it to facilitate cryptocurrencies going mainstream and each day provides more evidence that is exactly what is occurring. I’m incredibly proud of how quickly we have added new professionals and products to meet market demand, and excited to continue adding talent and products in the months ahead,” Flori said.
BlockFi has grown its customer base from 10,000 in since the end of 2019, to 225,000 today. “Monthly revenue currently exceeds $50 million, and the company now boasts more than $15 billion in assets on its platform, with a 0% loss rate across its lending portfolio since inception,” the company said in a statement, adding that it has “grown its team to over 500 people worldwide,” a growth metric it is committed to building on in the future.
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