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Crypto lender BlockFi, announced that the company raised $50 million in a Series C funding round. This is an increase for the Bitcoin lender as the company earlier raised $30 million in Series B funding. A CoinDesk report revealed that BlockFi currently has $1.5 billion in crypto assets on its lending platform. In addition, the company produces almost $10 million in monthly revenue.
While other lending firms took a break after the Bitcoin crash in March, BlockFi continued its lending process. BlockFi’s co-founder, Zac Prince said the firm had a profitable month because of the sector’s primary borrowers.
According to the announcement, the latest funding was led by Morgan Creek Digital. Valar Ventures, the lead investor in the company’s Series A and B funding rounds also joined. Others include, CMT Digital, Castle Island Ventures, Winklevoss Capital, Kenetic Capital, HashKey, NBA player Matthew Dellavedova, SCB 10X, Purple Arch Ventures and Avon Ventures. In addition are two unnamed university endowments.
Anthony Pompliano of Morgan Creek Digital, who is now on BlockFi’s board of directors 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”
Also, Sterling Witzke, a partner at Winklevoss Capital, said that the ability of BlockFi to “resonate” with both individual and institutional investors is a unique selling point. Speaking on behalf of Winklevoss Capital, Witzke added that the company looks forward to continuing support for BlockFi when it launches new products.
Image Credits: Pixabay
