BlockFi, a financial services company recently announced the completion of its Series D fundraising round. BlockFi raised a whopping $350million that was led by big-name investors namely Bain Capital Ventures, partners of DST Global, Pomp Investments, and Tiger Global.
The $350million was attained after three prior rounds that raised almost $100million within the last two years. Presently, BlockFi is worth $3billion. According to the announcement by BlockFi, by expanding into new markets, and providing capital for the listed acquisition opportunities, the aim is to enhance the current core product offering, which includes, keeping the digital assets at attractive rates; trading of digital assets like Bitcoin, Ethereum, Link, Litecoin, PaxG, numerous stablecoins on BlockFi; coming up with US dollar loans having equal value as that of the digital asset.
BlockFi is a lender and provider of trade services to institutions participating in the digital market. The company recently introduced a Bitcoin rewards credit card; the BlockFi Bitcoin Trust; and other retail and institutional investor-focused products. The fervor of investors for the Series D round reflects the company’s strong growth, claiming cryptocurrencies as an asset.
Commenting on the appreciable feat, Zac Prince, CEO and Co-Founder of BlockFi said:
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. Source: blockfi.com
We're thrilled to have @baincapvc lead our Series D investment round. Read about how we're bringing crypto to the masses, written by Partner @stefancoh:https://t.co/W6bazuUCcc — BlockFi (@BlockFi) March 11, 2021
Flori Marquez, Senior Vice President of Operations and Co-Founder of BlockFi, seems extremely elated with the accomplishment. She adds:
Our goal for BlockFi has always been to facilitate cryptocurrencies going mainstream, and each day provides more evidence that is exactly what is occurring,” added Flori Marquez, Senior Vice President of Operations and Co-Founder of BlockFi. “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. Source: blockfi.com
Today I'm announcing a new investment in @BlockFi. They have raised $350 million at a $3 billion valuation. This is another step towards becoming a generation defining business for @BlockFiZac and @FounderFlori. You can sign up here: https://t.co/Sm50uH0tNw pic.twitter.com/BSxCZUnCAA — Pomp 🌪 (@APompliano) March 11, 2021
Anthony Pompliano at Pomp Investments expects a strong growth for BlockFi, where he says:
Zac and Flori have done an incredible job building a business that serves hundreds of thousands of crypto investors around the world. These financial products are essential to accelerating the adoption of bitcoin and cryptocurrencies. As BlockFi continues to grow, my expectation is that this will become one of the most important companies in global finance in the coming years. Source: blockfi.com
The announcement came after when BlockFi users were maliciously attacked with a series of profane messages. BlockFi’s client base took an acceleration from 10,000 to more than 225,000, since 2019. The company went on to expand its team to over 500 people worldwide. Investors across the industry have upheld BlockFi’s mission and its exceptional role in shaping the future of cryptocurrency.
Source: Cointelegraph