Crypto Lending Startup BlockFi Raises $30M Series B Led By Valar Venturesbr>
Crypto lending platform BlockFi has raised $30 million in a Series B funding round led by Valar Ventures. The round also saw participation from Morgan Creek Digital, PJC, Akuna Capital, CMT Digital, Avon Ventures, Castle Island Ventures, Purple Arch Ventures, Kenetic Capital, Winklevoss Capital, Arrington XRP Capital, and Hong Kong-based HashKey Capital.
Based in New York, BlockFi is a non-bank lender that offers USD loans to cryptocurrency owners. The firm services clients in over 100 countries, and in all 50 US states. Its offerings include crypto-based interest accounts providing up to an 8.6% annual percentage yield on bitcoin, Ether and stablecoins; crypto-backed loans which allow investors to access liquidity up to 50% of an asset’s value in USD; and zero-fee trading.
The latest funding, which came six months after raising an $18.3 million Series A, will be used to grow the team at an accelerated pace and expand BlockFi’s offerings to include products accessible to a mainstream audience, starting with a mobile app in the coming months.
“At BlockFi, we believe that access to wealth-building financial products shouldn’t be limited by geography or net worth. With this investment, we’re one step closer to realizing that vision,” said Zac Prince, CEO and Co-Founder, BlockFi. “As our platform continues to mature, BlockFi clients benefit from more diverse products, and in turn, greater financial empowerment.”
“We were proud to have made our first investment in the crypto sector with BlockFi, and we’re excited to continue propelling the company forward as they define the industry standard for what a modern financial services company for cryptocurrency looks like,” said Andrew McCormack, general partner at Valar Ventures. “To say the least, BlockFi has been one of the most successful companies we’ve invested in right out of the gate.”