The New York-based crypto lending firm, BlockFi has recently, secured a $30 million in the Series B funding round. With the help of this fund, the firm would be able to expand its footprint in product offerings and also geographically.
In the year 2018, when the firm entered the cryptocurrency market with $1.55 million fundraise, and at that time it had very little fanfare. The firm was a platform where the users could store their Bitcoin or Ethereum and ascertain a high-yield.
Series B Funding Will Help The Platform To Grow
Since its establishment, the firm has grown a lot. In August 2019, during the Series A funding round, BlockFi secured $18.3 million and on February 13, 2020, it locked down the venture capital at $30 million. The firm plans to use the secured Series B fund in building up an institutional lending operation, retail brokerage and a new bitcoin reward credit card.
Recently, the CEO of BlockFi, Zac Prince has said,
“We decided to opportunistically raise Series B to expand the balance sheet and give ourselves the ability to invest in the things we’re doing this year.”
According to the reports, the previous investors like Morgan Creek Digital, Akuna Capital, Fidelity’s Avon and CMT Digital have also participated in Series B of the funding round. There were some new investors like Castle Island Ventures, Purple Arch Ventures, Kenetic Capital, Arrington XRP Capital and HashKey Capital.
BlockFi’s New Market
The CEO of BlockFi mentioned that for a long time the company has been serving its customers in Singapore but working with HashKey would help the firm to expand its business, as for the first time the firm would be physically present there. While talking about growing BlockFi’s business in the Asia-Pacific region, Prince claims that the firm might easily attract a lot of institutional customers in that market, as it already had market makers, mining companies, asset managers and exchanges there.