BlockFi, a Jersey City, NJ-based cryptocurrency lender and financial services company, raised $50m in Series C funding.
The round was led by Morgan Creek Digital with participation from Valar Ventures, CMT Digital, Castle Island Ventures, Winklevoss Capital, SCB 10X, Avon Ventures, Purple Arch Ventures, Kenetic Capital, HashKey, NBA player Matthew Dellavedova and two unnamed university endowments. In conjunction with the funding, Anthony Pompliano, Co-Founder and Partner at Morgan Creek Digital, joined BlockFi’s Board of Directors.
The company intends to use the funds 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 worldwide and in all U.S. states, with USD loans backed by crypto, interest earning accounts, and trading.
The company now boasts more than $1.5B in assets on the platform, with a 0% 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 bolstered its leadership team with new hires, including a new Chief Growth Officer Wittney Rachlin (American Express, Prudential), Chief Security Officer Adam Healy (Bakkt, Palantir, various U.S. government offices), General Counsel Jonathan Mayers (Renaissance Technologies, Barclays, Deutsche Bank), and Europe/APAC Managing Director David Olsson (Credit Suisse, Merrill Lynch). In June, the company released iOS and Android mobile app versions of its platform.
Growth has been particularly strong in Asian markets. Thanks to a range of strategic partnerships, BlockFi has been able to scale up its offerings across the region. This global expansion is not only adding more opportunities for retail clients, but also institutional investors who serve a critical role in driving new business.