BlockFi, a provider of crypto-backed lending products, said it saw a doubling in monthly revenue since its latest $30 million Series B funding in February. Although it didn’t reveal the exact figures, the New York-based crypto lender said it is on track to generate $50 million in revenue over the next year.
BlockFi also reported strong increases in earnings and a broadening of client base as it is eyeing a more substantial footprint in Asia and elsewhere.
The latest gains were partially driven by the Bitcoin halving in May. BlockFi said it added new clients than any other week since its inception back in 2018. Further, 7,000 new accounts were funded, putting the firm at a 25% month-over-month growth rate.
“The crypto financial services space is maturing and we can see a clear turning point today where traditional finance is being outpaced by digital. Savvy veterans of the old guard will continue to look to alternative technologies and digital currencies to build what the next frontier of finance will look like,” Zac Prince, CEO and co-founder of BlockFi, explained
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In what is perhaps a sign of that focus on Asia, BlockFi has hired former trader at Bank of America Merrill Lynch and Fintech entrepreneur Rishi Ramchandani to lead its business development in Asia.
Asia already represents the biggest cryptocurrency market in the world, and the adoption of blockchain and crypto is showing no signs of slowing down. With almost 13 years of experience in traditional finance within the region, Ramchandani will be tasked with expanding BlockFi’s presence and growing its institutional partnerships and client roster in Asian markets.
According to the company’s website, the BlockFi crypto lending platform has attracted so far over $800 million in deposits from retail, corporate, and institutional crypto investors.
BlockFi launched its service earlier in March 2019, offering loans to those who are interested in borrowing crypto, starting from $2,000, and go as high as $100 million, against bitcoin, ethereum, and stablecoins.
BlockFi is backed by billionaire Mike Novogratz’s Galaxy Capital, which, in 2018, raised nearly $58 million in various funding rounds. The Winklevoss twins’ Gemini exchange is also providing custody of BlockFi accounts, which recently added digital asset insurance coverage.