附近上门

Financial services company landed $50 million in Series C funding to develop products for cryptocurrencies.

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The Jersey City, New Jersey-based company was founded by and and offers a suite of financial products that seamlessly interact with one another, enabling clients to build and manage wealth through digital asset investments.

The suite鈥檚 products include zero-fee trading and crypto-based interest accounts providing a high annual percentage yield on , and , as well as crypto-backed loans that allow investors to access liquidity up to 50 percent of an asset鈥檚 value in U.S. dollars, Prince told 附近上门 News.

led the round, which included , , , , , , , , , and two unnamed university endowments.

The new funding is the third in the past 12 months and comes just six months after BlockFi secured funding, led by Valar, which also led the company鈥檚 in 2019, according to 附近上门 data. Including this new round, BlockFi has raised approximately $160 million since its inception in 2017.

As part of the investment, , co-founder and partner at Morgan Creek Digital, has joined BlockFi鈥檚 board of directors.

“BlockFi’s platform offers investors unparalleled capabilities in the digital asset ecosystem,鈥� he said in a written statement. 鈥淲e’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.鈥�

Using previously raised cash infusions, the company worked on launching new products and growing its team across the globe. In addition to offices in New Jersey and New York, BlockFi has locations in Poland and Argentina, and has established its presence in London and Singapore, Prince said. BlockFi has about 175 employees, and Prince said he expects that number to grow to 250 by the end of next year.

The newly secured funds will also be used to grow the team and further expand BlockFi鈥檚 business lines, including a bitcoin rewards-based credit card and support for additional assets and currencies.

Meanwhile, the company has experienced a lot of growth in a short period of time. This includes increasing its platform assets from $200 million at the end of last year to $1.5 billion today, Prince said. In addition, the company鈥檚 revenue has grown tenfold over the past year, putting the company on pace to reach $100 million in revenue over the next 12 months.

鈥淲e are in very early innings in this sector, and everyone is working together to increase the size of the market and make it accessible around the globe,鈥� Prince said. 鈥淲e are lucky to be in a position where our business is growing rapidly as crypto currency has momentum and relevance right now.鈥�

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