Bitcoin Lending Platform BlockFi Raises $350 Million

2021-3-12 20:08

Crypto lending firm BlockFi has raised $350 million in Series D investment, with a valuation of $3 billion.

BlockFi Promoting Crypto Finance

Centralized lending platform BlockFi has raised $350 million from venture capitalists led by Bain Capital Ventures, partners of DST Global, Pomp Investments, and Tiger Global co-led the Series D funding round.

Today I'm announcing a new investment in @BlockFi.

They have raised $350 million at a $3 billion valuation. This is another step towards becoming a generation defining business for @BlockFiZac and @FounderFlori.

You can sign up here: https://t.co/Sm50uH0tNw pic.twitter.com/BSxCZUnCAA

— Pomp 🌪 (@APompliano) March 11, 2021

Founded by Zac Prince and Flori Marquez, BlockFi had raised a total of $100 million in seed and Series C funding rounds, with a valuation of $450 million in August last year. In less than six months, the company has attained a market valuation of $3 billion. Their monthly revenue is over $50 million.

PayPal founder Pieter Thiels’ venture fund Valar Ventures, Breyer Capital, Susquehanna Government Products, Jump Capital, and Paradigm were some of the early investors in BlockFi.

BlockFi has over $15 billion in assets and boasts a user base of 225,000. In comparison, on top DeFi lending platforms like MakerDAO and Compound, the total asset is $6.8 billion and $5.6 billion, respectively. 

Crypto lending and decentralized exchanges have been the major contributors to the $41 billion boom in DeFi liquidity. BlockFi’s competition in the centralized category includes Crypto.com, Celcius Network, and Hodlnaut.

BlockFi offers crypto-backed—Bitcoin, Ethereum, Litecoin, and Paxful Gold stablecoin—loans at a 4.5% annual interest rate. It also offers annual returns of up to 8.7%—similar to a savings bank account—on crypto holdings of the above cryptocurrencies adding stablecoins and LINK token.

The online platform also functions as a crypto exchange and will soon rollout BTC rewards VISA cards.

Disclosure: The author held Bitcoin at the time of press.

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350 million raises blockfi lending platform bitcoin

Источник: cryptobriefing.com

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