BlockFi announced a new round of funding with a successful $350M raising. The new funding is led and contributed by new investors and adds to the last $100M funding in the past two years. BlockFi is now ready to use the new money for faster growth. It aims to provide practical solutions for bridging the gap between innovative decentralized solutions and traditional financial institutions.
Bridging The Gap
BlockFi is one of those companies that aims to connect the two worlds of financial services. One side is cryptocurrencies and decentralized financial solutions, and the other side includes traditional actors and especially investment managers. The latest Series D funding that brought $350M funding to the company surely helps them expand faster and provide more services. The round was led by new investors, including Bain Capital Ventures, partners of DST Global, Pomp Investments, and Tiger Global.
The prior rounds of investment for BlockFi have resulted in a $100M funding for this company in total. Some of the previous investors were Susquehanna Government Products, LLLP, Bracket Capital, Paradigm, Valar Ventures, Morgan Creek Digital, Akuna Capital, PJC, Hudson River Trading, ParaFi Capital, Jump Capital, and Pacific Century Group.
New fundings always raise the valuation of companies. BlockFi is now valued at about $3 billion. The company will use the money from Series D funding to expand into new markets and acquire or partner with other companies or startups.
BlockFi currently offers many services in the financial sector that makes it a reliable solution. Most useful services are buying and selling famous cryptocurrencies like Bitcoin, Ethereum, and many stablecoins in their platform. Besides, users can deposit digital assets and receive US dollar loans from BlockFi.
After hiring new executives and expanding the development teams, many products are developed and published by BlockFi. Some of the latest ones are a Bitcoin rewards credit card, the BlockFi Bitcoin Trust, an OTC trading desk, and Private Client Services in Asia. Zac Prince, CEO, and Co-Founder of BlockFi, said about the fundraising:
“In less than six months since we completed our Series C, bitcoin and other digital assets have assumed a central role in many investors’ portfolios and in broader financial markets. Our conviction that digital assets are the future of finance has been vindicated by our client base, which grew 10X year-over-year in 2020 and has more than doubled since the end of 2020.”
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