Cryptocurrency player BlockFi has hit a $3 billion valuation off the back of a $350 million Series D funding round led by Bain Capital Ventures, partners of DST Global, Pomp Investments, and Tiger Global.
Founded in 2017, New Jersey-based BlockFi is one of a host of firms working to build a bridge between cryptocurrencies and traditional financial and wealth management products.
The startup currently offers users the ability to earn yield on digital assets; buy and sell digital assets directly; and get US dollar loans secured by the value of digital assets on the platform.
It also recently launched a bitcoin rewards credit card and says the latest funding will be used to roll out new products, move into new markets and look for "select acquisition opportunities".
The round comes as BlockFi experiences strong growth during the latest crypto boom: since the end of 2019 it has seen its client base grow from 10,000 to more than 225,000, with monthly revenue currently exceeding $50 million, and more than $15 billion in assets on its platform.
Zac Prince, CEO, BlockFi, says: "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."