crypto lender BlockFi raises $ 30 million

In a second round of financing, the New York crypto-lending platform secured a $ 30 million investment led by venture fund Valar Ventures.

BlockFi Inc., the crypto-lending platform, secured $ 30 million in a financing round led by Valar Ventures. In the Series B financing round, in addition to Valar Ventures - the risk funds of PayPal co-founder Peter Thiel - other investors from the crypto industry such as Morgan Creek and Winklevoss Capital also participated. The Bloomberg news agency reported in an article published on Friday, February 14.

The New York-based company plans to use the money to increase its staff and develop further products. These include, for example, the introduction of a crypto premium credit card, a mobile app and a robo-advisor. They have been offering interest-bearing accounts for Bitcoin (BTC) and crypto-based loans since 2017.

Zac Prince, co-founder and CEO of BlockFi, said in an interview with Bloomberg:

The main topic this year is to appeal to people who are not yet strong users of cryptocurrencies.

Blockfi, crypto lender BlockFi raises $ 30 million

He also said:

We strive for broader acceptance, which is great for us on the one hand, but also for the entire sector on the other.

Twenty times the turnover in one year

The company has a combined total of approximately $ 650 million in digital currencies, the report said. Only once as a comparison: In April, the company announced in a press release announced , around it possessed US $ 53 million under management crypto-systems of customers. According to Prince, the company's sales have increased 20-fold since January 2019.

Series A $ 18 million

Last year, BlockFi hit the waves with their first round of financing, Serie A, where they raised $ 18 million. According to a August press release, BlockFi was the first company to receive institutional funds for crypto-based loans in US dollars from the investment firm Galaxy Digital. The company founded by Michael Novogratz was not part of the financing round this time.

BlockFi wants to convince private investors

According to the report, the number of private investors who acquire or use digital assets has so far been too sparse. This is despite the fact that some institutions such as hedge funds or foundations do invest in cryptocurrencies. Therefore, Zac Prince wants to start with BlockFi right there. He hoped to convince exactly this target group. His business model is similar to that of Social Finance Ltd., connecting the financial world and the social sector - Prince only plans this with cryptos.

I firmly believe in it and that's why we remain very optimistic about the development of this potential asset class ,

Prince said to Bloomberg.

Everything is still very young, but the underlying trends, i.e. acceptance at the institutional and retail level, are moving in the right direction.

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