BlockFi Secures $30 Million in Series B Just After 6 Months of First Round to Target Non-Crypto Users

Must Read

Top 5 DeFi Wallets in the Market Right Now

DeFi is arguably the hottest space in the entire cryptocurrency and blockchain ecosystem right now....

Gen2 Technologies’ Iris Media Network Signs Up Colin Garrett Racing

SPARKS, Nev., April 14, 2021 /PRNewswire/ -- Gen2 Technologies Inc. (the "Company") (OTC: MNIZ) is pleased to...

Ethereum Blockchain: Current news and prediction round the future

 Ethereum is more sheltered than you may think, but by means of a decentralized app or exchange that hasn't...
- Advertisement -
Earn Free Bitcoin

Crypto trading and lending platform BlockFi has raised a fresh $30 million in its Series B funding led by Valor Ventures, a Peter Theil, co-founder of PayPal-backed venture fund.

Anthony Pompano, the co-founder of Morgan Creek Digital which is one of the investors in BlockFI shared in his daily newsletter that just after six months of the first round, the second funding has been secured with “material participation” from the team at Morgan Creek and a number of other existing investors.

The New Jersey-based company plans to use the proceeds from the funds to work on additional products some of which are already under development and increase its staff from current headcount of about 75 people to 125-150 in 2020, during a time while other companies like ConsenSys and Galaxy Digital are laying off over 10% of their employees.

“Thematically, this year for us is all about being able to target folks who aren’t already heavy cryptocurrency users,” Zac Prince, co-founder and CEO of BlockFi told Bloomberg. “We’re going to be going after more mainstream adoption, which is great for us but also great for the sector.”

The future of a global financial system

While Morgan Creek Digital, Winklevoss Capital, and Avon Ventures were among additional backers, Galaxy Digital of Michael Novogratz, which was part of the firm’s Series A funding round, didn’t participate in the second.

BlockFi, which has about $650 million in assets under management on its platform, has grown its revenue 20-fold since January of last year, revealed Prince. Pompliano shared the revenue rate has actually “doubled in the last 45 days.”

“I’m a believer and we’re very bullish on the trajectory of the asset class,” said Prince. He continued, “It’s still very nascent but the underlying trends that drive adoption both on the institutional and retail side have continued to move in the right direction.”

The firm offers a cryptocurrency exchange, US dollar loans against crypto collateral, and interest bearing deposit accounts. They are also planning to launch a credit card this year that pays 1.5% to 3% of “cash back” in Bitcoin.

Pompliano further explained that these products do not require one to buy crypto rather they can digitize their fiat US dollar into stablecoin and deposit them into the interest account and receive 8.6% APY which is more than most people are earning on their savings account.

And this he believes is “the future of a global financial system.”

- Advertisement -
- Advertisement -

Latest News

Top 5 DeFi Wallets in the Market Right Now

DeFi is arguably the hottest space in the entire cryptocurrency and blockchain ecosystem right now....
- Advertisement -Earn Free Bitcoin

Ken The Crypto tells You How to Get the Most out of the 2021 Bull Run

The year 2021 is what people call the "Bitcoin Year", and the reason is self-explanatory. This recent bull-run has brought...

DigiShares Releases Industry Report on Real Estate Tokenization

DigiShares, a white label security token issuance solutions provider, has released a detailed report outlining the state of the global...

Gen2 Technologies (MNIZ) To Hold Quarterly Update

SPARKS, Nev., March 29, 2021 /PRNewswire/ -- Gen2 Technologies Inc. (the "Company") (OTC: MNIZ) wishes to inform its loyal shareholders that it...

Digital Securities & Tokenization Summit Announced for May 2021

Press Release 24 March 2021 DigiShares, the end-to-end white-label platform for...