BlockFi closes its third funding round in 12 months

Cryptocurrency wealth management platform BlockFi has secured $50m in its Series C round, which was led by Morgan Creek Digital.

Other contributions came from Valar Ventures, CMT Digital, Castle Island Ventures, Winklevoss Capital, SCB 10X, Avon Ventures, Purple Arch Ventures, Kenetic Capital, HashKey, Michael Antonov, NBA player Matthew Dellavedova and endowments from two universities.

This marks the FinTech’s third fundraise in the past 12 months, having nabbed $30m for its Series B in February 2020 and $18.3m for its Series A in 2019.

With the close of the Series C capital, the startup will grow the size of its team, expand into additional business lines and release new products. One of these new features includes a Bitcoin rewards-based credit card.

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.

Over the past year, BlockFi has grown its revenue ten-fold and is put it in a position to reach $100m in revenue over the next 12 months, it claims. The startup currently has more than $1.5bn in assets under management.

BlockFi CEO and founder Zac Prince said, “The past 12 months at BlockFi have been nothing short of amazing, and if anything, it’s a testament to the staying power of bitcoin and other digital assets.

“With the support from our partners, we’re creating a platform for investors where they aren’t investing in just digital assets anymore—they’re investing in the future, greater financial empowerment and accessibility.”

Copyright © 2020 FinTech Global

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