BlockFi, originally a crypto lending startup that is now expanding into other business areas, announced on Thursday the closure of its latest Series D funding round after securing $350 million. The startup is now valued at $3 billion.
The latest funding came within a year of BlockFi raising $50 million in its Series C funding round when it was valued at $450 million.
The company press release detailed that the latest Series D funding round was co-led by Bain Capital Ventures, partners of DST Global, Pomp Investments and Tiger Global. An array of other investors, including Morgan Creek Digital, Valar Ventures, Paradigm, ParaFi Capital, Jump Capital and others also backed the crypto lender.
“In less than six months since we completed our Series C, bitcoin and other digital assets have assumed a central role in many investors’ portfolios and in broader financial markets,” said BlockFi Co-founder and CEO, Zac Prince.
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The company elaborated that the proceeds from the funding round will be utilized in innovating its product suite, geographical expansions and acquisition opportunities.
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Founded in 2017, BlockFi is diversifying from its core lending business. It provides trading execution services to both retail and institutional customers, and it is planning to launch a Bitcoin credit card.
Moreover, the startup revealed that it holds over $15 billion in assets as its client base grew more than 225,000.
“Our conviction that digital assets are the future of finance has been vindicated by our client base, which grew 10x YoY in 2020 and has more than doubled since the end of 2020,” Prince added.
BlockFi’s latest valuation has made it one of the few crypto unicorns, and the company has future plans to push for a public listing, the CEO revealed in an interview.