BlockFi Acquires $30 Million from Leading Venture Capital Firms

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BlockFi, a crypto-lending company, has successfully raised $30 million from a multitude of venture capitalists. As per the report, some of the most notable firms that joined the startup’s Series B Funding round are Arrington XRP Capital, Morgan Creek Digital, and Winklevoss Capital. 

Valar Ventures, a venture capital fund based in the United States, had led the funding round for BlockFi. Apart from the industry’s leading capitalists, there is a long list of companies that participated such as CMT Digital, Purple Arch Ventures, Avon Ventures, Castle Island Ventures, HashKey Capital, Kenetic Capital, and Akuna Capital.

Currently, BlockFi enables its users to earn compound interest on asset-backed trade loans. With the amount acquired from its latest funding round, the company’s assets on its platform now sit at around $650 million. Notably, BlockFi plans to use the funds on enhancing its workforce as well as on expanding its business offerings. 

In the announcement, BlockFi also hinted that it is working on a variety of products that can benefit the mainstream audience in the coming months. Flori Marquez, the co-founder and vice president of operations at BlockFi, emphasized that the company had already proven its capabilities in terms of creating products that could benefit the general public. Confidently, Marquez said that BlockFi’s developments are poised to drive mainstream adoption.

At press time, the initial yearly percentage yield of BlockFi on its assets, such as stablecoins, Bitcoin (BTC), and Ether (ETH), is 8.6%. The firm also offers loans that are backed by crypto assets. This service enables investors to leverage the liquidity of an asset’s value in the US dollar by 50%. Moreover, they can perform transactions free of trading fees. 

 

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