Fresh on the heels of two solid investment rounds earlier this year, crypto lending startup BlockFi has secured an additional $50 million in Series C funding. Asset management firm Morgan Creek Digital, which previously invested in crypto firms such as Bakkt and Coinbase, led the latest funding round.
New York-based BlockFi revealed that other participating investors include Valar Ventures, which led its Series A and B rounds, as well as CMT Digital, Castle Island Ventures, Winklevoss Capital, SCB 10X, Avon Ventures, HashKey, among others.
The lead investor in the latest investment round, Morgan Creek Digital, is a unit of North Carolina-based hedge fund Morgan Creek. It primarily makes equity-based investments in seed-stage companies active in the blockchain space. The fund’s co-founder Anthony Pompliano, a former Facebook product manager, has also joined BlockFi’s Board of Directors.
Announced today, the new funding will help BlockFi expand both its product offering and geographic footprint, including the upcoming release of a bitcoin rewards-based credit card and support for additional assets and currencies.
A Doubling in Both Operational and Financial Metrics
“BlockFi’s platform offers investors unparalleled capabilities in the digital asset ecosystem. We’re excited to back this world-class team as they continue to add new products and expand into incremental areas that are disrupting traditional finance,” said Anthony Pompliano.
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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 did not reveal the exact figures, the New York-based crypto lender said it is on track to generate $100 million in revenue over the next year.
According to the company’s website, so far the BlockFi crypto lending platform has attracted over $1.5 billion in deposits from retail, corporate, and institutional crypto investors. Additionally, BlockFi reported strong increases in earnings and a broadening of its client base as it is eyeing a more substantial footprint in Asia and elsewhere.
BlockFi said in early July it added more new clients than any other week since its inception back in 2018. Furthermore, 7,000 new accounts were funded, putting the firm at a 25% month-over-month growth rate.
“The past twelve months at BlockFi have been nothing short of amazing, and if anything, is a testament to the staying power of bitcoin and other digital assets,” said Zac Prince, CEO and Co-Founder of BlockFi.
BlockFi launched its service earlier in March 2019, offering loans to those interested in borrowing crypto, starting from $2,000, and up to as much as $100 million, against bitcoin, Ethereum, and stablecoins.