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BlockFi raises $50 million to take crypto mainstream

BlockFi raises $50 million to take crypto mainstream

BlockFi has raised $50 million in a Series C funding round led by Morgan Creek Digital as it bids to bring cryptocurrency finance to the mainstream investor.

Other participating investors in the Series C include Valar Ventures, CMT Digital, Castle Island Ventures, Winklevoss Capital, SCB 10X, Avon Ventures, Purple Arch Ventures, Kenetic Capital, HashKey, and a number of angel investors.

This is the third round of funding in the last 12 months for BlockFi, coming six months after the firm raised $30 million in Series B, and $18.3 million in Series A last year.

The New Jersey-based company says it will use the newly secured funds to grow the team and further expand its business lines, including the upcoming release of a bitcoin rewards-based credit card and support for additional assets and currencies.

BLockFi currently offers a suite of financial products, including crypto-based interest accounts providing a high annual percentage yield on bitcoin, ether, and stablecoins; crypto-backed loans that allow investors to access liquidity up to 50% of an asset’s value in USD; and zero-fee trading.

BlockFi has set its sights on reaching $100m in revenue over the next 12 months and currently has more than $1.5bn in assets on the platform, up from $200mn at the end of 2019.

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