Blockfi raises $350 million in Series D funding round

Bitcoin Dogs Coin
Worlds First Bitcoin ICO Presale Ends 15th March
Bitcoin Dogs Coin
Worlds First Bitcoin ICO Presale Ends 15th March

Blockfi raises $350 million in Series D funding round

By Alice Leetham - min read
Colourful piggy banks circle a compass

The funding round was led by new investors, including Pomp Investments and Tiger Global

Financial services company, BlockFi, announced yesterday it had successfully completed its Series D funding round, raising $350 million. The round was led by new investors including Pomp Investments, Bain Capital Ventures, partners of DST Global and Tiger Global.

Based in New Jersey, US, BlockFi aims to advance the digital asset ecosystem by building a bridge between cryptocurrencies and traditional wealth management products. A total of $100 million was raised in BlockFi’s three previous funding rounds, which saw support from ParaFi Capital, Hudson River Trading, Morgan Creek Digital, Jump Capital and Castle Island Ventures, among others.

BlockFi CEO and Co-founder, Zac Prince, commented, “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. Our conviction that digital assets are the future of finance has been vindicated by our client base, which grew 10X year-over-year in 2020 and has more than doubled since the end of 2020. Digital assets will continue to democratize finance, serve as a hedge against inflation and expansionary monetary policy, and promote innovation in financial technology and accessibility to financial services.”

BlockFi currently offers users the opportunity to buy and sell digital assets, earn yield on them and take out US dollar loans secured by digital assets. The new funding will accelerate BlockFi’s expansion into new markets and was accompanied by a $3 billion valuation.

Co-founder and Senior Vice President of Operations at BlockFi, Flori Marquez, added, “Our goal for BlockFi has always been to facilitate cryptocurrencies going mainstream, and each day provides more evidence that is exactly what is occurring. I’m incredibly proud of how quickly we have added new professionals and products to meet market demand, and excited to continue adding talent and products in the months ahead.”

In fact, BlockFi has recently made several additions to its leadership team with impressive experience. These include new Head of Investment Products, Greg Collett, who previously directed Deutsche Bank and the World Gold Council, and new Chief Financial Officer, Tony Lauro, who held the same role at Intermex and JP Morgan Chase.

On top of this, BlockFi have added new products, including the BlockFi Bitcoin Trust, Private Client Services in Asia, an OTC trading desk and a Bitcoin rewards credit card. Today, BlockFi boasts more than $50 million in monthly revenue, over $15 billion in assets on its platform and more than 225,000 clients around the world.