The company plans to use the capital to grow the team and further expand its business lines, including the upcoming release of a bitcoin rewards-based credit card and support for additional assets and currencies
Fremont, CA: BlockFi, a Jersey City, NJ-based cryptocurrency lender and financial services company, secured $50m in Series C funding.
The round was led by Morgan Creek Digital with active participation from CMT Digital, Valar Ventures, Castle Island Ventures, Winklevoss Capital, Kenetic Capital, SCB 10X, Avon Ventures, Purple Arch Ventures, HashKey, NBA player Matthew Dellavedova, and two unnamed university endowments. In addition to the funding, Anthony Pompliano, Co-Founder and Partner at Morgan Creek Digital, joined BlockFi’s Board of Directors.
The company plans to use the capital to grow the team and further expand its business lines, including the upcoming release of a bitcoin rewards-based credit card and support for additional assets and currencies.
Led by Zac Prince, CEO and Founder, BlockFi provides wealth management products all powered by blockchain technology. Currently, the company services clients across the globe and in all U.S. states, with USD loans backed by crypto, interest-earning accounts, and trading.
The company now boasts over $1.5B in assets on the platform, with a 0 percent loss rate across its lending portfolio since inception.
The firm is now in the process of continuing to expand its offerings as a full-service investment platform for cryptocurrencies. BlockFi recently strengthened its leadership team with new hires, including a new Chief Growth Officer WittneyRachlin (American Express, Prudential), General Counsel Jonathan Mayers (Renaissance Technologies, Barclays, Chief Security Officer Adam Healy (Bakkt, Palantir, various U.S. government offices), Deutsche Bank), and Europe/APAC Managing Director David Olsson (Credit Suisse, Merrill Lynch). In June, the company released Android and iOS mobile app versions of its platform.