BlockFi, a NYC-based crypto-to-USD lender, raised $4m in convertible debt funding.
The round was led by Akuna Capital with participation from Susquehanna Government Products, LLLP, CMT Digital, Recruit Strategic Partners, Galaxy Digital Ventures, Morgan Creek Digital and Devonshire Investors, the private equity group affiliated with FMR LLC, the parent company of Fidelity Investments.
The company intends to use the funds to grow the team growth and launch new products, including an interest-earning crypto savings account, a portfolio line-of-credit and crypto-backed credit cards. BlockFi plans to launch the savings account in Q1 2019.
Led by Zac Prince, CEO, BlockFi offers the ability to leverage cryptocurrency to obtain USD loans at a low rate. The company currently services customers worldwide, including 46 U.S. states.