Digital Assets: Crypto Lender BlockFi Snags $350M In A Series D Funding Round
The round valued BlockFi at $3 billion.
BlockFi, which functions as a one-stop crypto bank, allowing you to earn interest on your crypto holdings, announced today the close of its Series D fundraising of $350 million that valued the startup at $3 billion.
New investors including Bain Capital Ventures, partners of DST Global, Pomp Investments, and Tiger Global led the round. Susquehanna Government Products, LLLP, Bracket Capital, Paradigm, Valar Ventures, Morgan Creek Digital, Akuna Capital, PJC, Hudson River Trading, ParaFi Capital, Jump Capital, Pacific Century Group, Gaingels, Third Prime, Kenetic, CMS Holdings, Breyer Capital, The Venture Collective, and Castle Island Ventures also participated.
Stupendous growth
“Our conviction that digital assets are the future of finance has been vindicated by our client base, which grew 10x YoY in 2020 and has more than doubled since the end of 2020,” said Zac Prince, CEO and Co-Founder of BlockFi.
Between the end of 2019 and today, site users grew from 10,000 to more than 225,000 today. Monthly revenue is more than $50 million, while platform assets are over $15 billion. Employees now number 500 across the globe.
The company raised $100 million over three funding rounds during the past two years. The latest round reflected “investor enthusiasm” driven by BlockFi’s growth trajectory as well as “broader conviction in cryptocurrencies as an asset class.”
Use of funds
BlockFi will use the new funds to further enhance its suite of products, grow into new markets and make strategic acquisitions.
Recently it launched new products such as a Bitcoin Rewards Credit Card; the BlockFi Bitcoin Trust; an OTC trading desk; and Private Client Services in Asia.
“We are in the early innings of retail and institutional crypto adoption; as demand grows, we see an enormous opportunity for crypto companies to offer a suite of sophisticated, scalable financial services to engage and empower clients,” said Stefan Cohen, Partner at Bain Capital Ventures.
Related Story: Crypto Lender BlockFi Raises $50M in a Series C Round
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