BlockFi cryptocurrency loan start-up raises $ 30 million

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BlockFi Cryptocurrency Loan Startup Raises $ 30 Million 101
Zac Prince, co-founder of BlockFi. Source: screenshot, Youtube, Bitcoin Archives

After the millions raised in the context of series A financing, the American start-up BlockFi, which specializes in lending cryptocurrencies, saw its funding increase by almost 64% six months later. In addition, she is about to open an office in Singapore.

The company has announced that it has raised $ 30 million as part of a Series B financing, led by Valar Ventures, an American venture capital fund which counts among its founders Peter thiel, co-founder of PayPal. BlockFi was Valar Venture’s first investment in the crypto industry.

The lender has stated that the other investors participating in this round-up understand Morgan Creek Digital, PJC, Akuna Capital, CMT Digital, Avon Ventures, Castle Island Ventures, Purple Arch Ventures, Kenetic Capital, Winklevoss Capital, Arrington XRP Capital and HashKey Capital, based in Hong Kong.

Read also: How to react when the price of Bitcoin soars?

The money raised will be used to enlarge the team “at an accelerated rate”, explains the startup, as well as to widen its range of products for a general public, including the first mobile application “in the coming months”.

BlockFi adds that its revenues have multiplied by more than 20 in 2019 (no other figure has been provided), and that it now serves more than 50 institutional clients in the crypto market. “The company now has over $ 650 million in assets on the platform, with a 0% loss rate across its entire loan portfolio since the company started lending in January 2018,” write they.

The company has announced the opening of a new office in Singapore, planned for the first half of 2020, in order to better serve its institutional clients in Asia-Pacific.

In its previous Series A funding cycle in August 2019, BlockFi had survey $ 18.3 million, also under the leadership of Valar Ventures, with nine other participants, including ConsenSys Ventures, a venture capital arm of the blockchain company ConsenSys.

BlockFi currently offers zero interest accounts, based on crypto, offering an annual percentage return of up to 8.6% on Bitcoin, Ether and stablecoins, as well as crypto loans allowing investors to access cash up to 50% of the value of an asset in USD, which they issue.

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