As the cryptocurrency lending market is booming, another industry player BlockFi is strengthening its position.
The New York-based cryptocurrency lending and borrowing start-up BlockFi closed the $50 million Series C fundraising round led by Morgan Creek Digital. As a company announced yesterday, the latest funding round came amid a ten-fold revenue increase over the past year.
The latest fundraising round is the third in the past 12 months and marks the significant increase for the crypto lending company. Including $30 million raised in Series B round, BlockFi is approaching the $100 million in a year mark.
The list of BlockFi’s investors include names like Valar Ventures, CMT Digital, Island Ventures, Winklevoss Capital, SCB 10X, Avon Ventures, Purple Arch Ventures, Kenetic Capital, HashKey, Michael Antonov, as well as NBA player Matthew Dellavedova and two prestigious although unnamed university representatives.
BlockFi is the cryptocurrency lending platform, which lends fiat currency against digital currencies like collateralized Bitcoin, Ethereum or Litecoin. The startup also offers a range of financial products, including cryptocurrency interest accounts with up to 8.6% annual rate, cryptocurrency-backed loans and digital asset trading.
Following the $50 million fundraisings, Morgan Creek Digital’s co-founder and partner Anthony Pompliano is joining the Board of Directors at BlockFi. According to him:
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.
Founded in 2017 BlockFi claims to use the newly raised funds for expanding its team and business. The company, which currently operates over $1.5 billion worth of assets on its platform, is also planning to release a credit card based on Bitcoin rewards.
The company’s latest fundraising round comes amidst the increasing interest in digital assets as a hedge against the economic uncertainty, caused by the global pandemic. As the United States dollar, the current world’s reserve currency, is losing its value, Bitcoin is strengthening its position as a digital gold and investment solution.