BlockFi, a Jersey City, N.J.-based financial services company, completed its $350M Series D funding.
The round, which valued the company at $3 billion, was led by new investors Bain Capital Ventures, partners of DST Global, Pomp Investments, and Tiger Global with participation from Susquehanna Government Products, LLLP, Bracket Capital, Paradigm, Valar Ventures, Morgan Creek Digital, Akuna Capital, PJC, Hudson River Trading, ParaFi Capital, Jump Capital, Pacific Century Group, Gaingels, Third Prime, Kenetic, CMS Holdings, Breyer Capital, The Venture Collective, and Castle Island Ventures.
The company intends to use the funds to enable innovation in the product suite, accelerate expansion into new markets, and provide capital for select acquisition opportunities.
Founded in 2017 by Zac Prince and Flori Marquez, BlockFi has a core product offering which includes:
(i) earning yield on digital assets at attractive rates;
(ii) buying and selling digital assets directly on BlockFi (Bitcoin, Ethereum, Link, Litecoin, PaxG, and multiple stablecoins); and
(iii) originating US dollar loans secured by the value of digital assets on the platform.
The company recently added a number of retail and institutional investor-focused products and initiatives, including a Bitcoin Rewards Credit Card; the BlockFi Bitcoin Trust; an OTC trading desk; and Private Client Services in Asia.
Since the end of 2019, BlockFi has seen its client base grow from 10,000 to more than 225,000 today. Monthly revenue currently exceeds $50 million, and the company now boasts more than $15 billion in assets on its platform. The company has a team of over 500 people worldwide.