Financial services company BlockFi, today announced the completion of its Series D fundraising round in which it raised $350 million. The fundraising was led by new investors including Bain Capital Ventures, partners of DST Global, Pomp Investments and Tiger Global.
The Series D fundraising follows three rounds of funds being raised in the last two years, totalling $100 million. With the completion of its Series D fundraising, BlockFi is now valued at $3 billion.
BlockFi is dedicated to building a bridge between cryptocurrencies and traditional financial and wealth management products. They are a a leading lender and provider of trade execution services to institutions participating in digital asset markets.
The latest fundraising will enable help BlockFi to spur further innovation in the product suite, accelerate expansion into new markets, and provide capital for select acquisition opportunities.
BlockFi ‘s senior executives with strong backgrounds in both traditional finance and digital assets, serve an important role for investors entering the asset class. The recent Series D funding confirms the trust in the company, its people and its vision and reflects both the company’s strong business growth as well as broader conviction in cryptocurrencies as an asset class.
Recently the company announced multiple institutional investor-focused products and initiatives, including: a Bitcoin rewards credit card; the BlockFi Bitcoin Trust; an OTC trading desk; and Private Client Services in Asia.
Zac Prince, Chief Executive Officer and Co-Founder of BlockFi said:
“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 year-over-year in 2020 and has more than doubled since the end of 2020,”
“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.”
Since the end of 2019, BlockFi has seen its client base grow from 10,000 to more than 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 has grown its team to over 500 people worldwide.
Flori Marquez, Senior Vice President of Operations and Co-Founder of BlockFi, confirmed:
“Our goal for BlockFi has always been 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.”
Investors are convincingly backing BlockFi’s mission in the cryptocurrency world.
Anthony Pompliano of Pomp Investments commented: “Zac and Flori have done an incredible job building a business that serves hundreds of thousands of crypto investors around the world. These financial products are essential to accelerating the adoption of bitcoin and cryptocurrencies. As BlockFi continues to grow, my expectation is that this will become one of the most important companies in global finance in the coming years.”
Jump Capital’s Peter Johnson said: “BlockFi is leading the industry in providing extremely attractive interest-bearing accounts to savers and compelling borrowing offerings to crypto and dollar borrowers. We are proud to invest behind Zac, Flori, and the rest of the impressive team at BlockFi who are utilizing crypto rails to build a next-generation global financial institution.”
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