Crypto Lending Startup, BlockFi, Secures $50 Million In Series C Funding; $100M Raised in Last Year

2020-8-21 21:05

The popular crypto lending startup, BlockFi, announced that it has completed another successful funding round where major industry investors were involved. The firm announced that it raised $50 million in its latest Series C funding round.

In a statement to the public, Anthony Pompliano stated that the funding round was led by his crypto asset management company Morgan Creek Digital among other reputable investors. Morgan Creek Digital co-founder, known as Pomp, also revealed that he would become part of BlockFi’s board of directors. Pomp’s appointment to the board follows Morgan Creek’s participation in all of the three of BlockFi’s funding series in the last one year.

Pomp praised BlockFi for its phenomenal growth and its contribution to the crypto industry. He said:

“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.”

The funding round also attracted other big shots in the crypto industry, including Valar Ventures, Winklevoss Capital, CMT Digital, Castle Island Ventures, Purple Arch Ventures, SCB 10X, Avon Ventures, Kenetic Capital, Michael Antonov, and HashKey. NBA's Matthew Dellavedova also participated in the funding round.

The new funding round comes at a time when the firm has witnessed a 10-fold revenue growth in the last 12 months. The crypto lender now boasts of $100 million in terms of revenues in the previous year. The firm also boasts of $1.5 billion in terms of managed assets since it was started.

According to BlockFi’s CEO Zac Prince, the newly raised capital is set to be utilized in helping the firm to grow geographically and increase the number of staff to deal with the increasing number of clients. Prince also explained that some of the money would be used in the development of a Bitcoin rewards credit card that is set to be released in the near future. The firm aims at releasing the credit card in the first quarter of next year, Prince revealed.

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