BlockFi, a NYC-based cryptoasset to USD lender, raised $52.5M in funding.
The round was led by Galaxy Digital Ventures, with participation from existing investors ConsenSys Ventures and PJC. As part of the investment, Chris Ferraro, Head of Principal Investments at Galaxy Digital Ventures LLC joined the BlockFi Board of Directors.
The company intends to use the funds to expand operations.
Founded by Zac Prince and Flori Marquez, with Rene van Kesteren, a former Managing Director at Bank of America Merrill Lynch, joining as Chief Risk Officer this past May, BlockFi currently offers individuals and corporations the ability to leverage their Bitcoin and Ether to obtain USD loans, bringing additional liquidity to the blockchain sector.
Early clients used their loan to invest in real estate, start businesses, diversify into traditional investments or pay down higher-cost debt.
The company operates in over 40 US states.