BlockFi secures $30m in its Series B led by Valar Ventures

Cryptocurrency wealth management platform BlockFi has secured $30m in its Series B round which was led by Valar Ventures.

Other contributions to the round came from firms including 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.

The investment comes after a stellar year of growth for the cryptocurrency platform. BlockFi grew its revenue in 2019 by over 20 times and launched various new services.

Having secured this new capital, the WealthTech startup is looking to expand its team and release new services which will include a mobile app.

BlockFi is a US-based startup which helps consumers better manage their cryptocurrencies. Users can access crypto-based interest accounts which have up to an 8.6% annual percentage yield on Bitcoin, Ether and stablecoins.

Other services available include crypto-based loans which allow investors to access liquidity of up to 50% an asset’s value in USD, and zero-fee trading.

Valar Ventures general partner Andrew McCormack said, “We were proud to have made our first investment in the crypto sector with BlockFi, and we’re excited to continue propelling the company forward as they define the industry standard for what a modern financial services company for cryptocurrency looks like

“To say the least, BlockFi has been one of the most successful companies we’ve invested in right out of the gate.”

The company now has over $650m in assets on the platform and claims to have a 0% loss rate across its loan portfolio since it began lending in January 2018.

Last year, BlockFi secured $18.3m in its Series A round which was led by Valar Ventures.

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