Crypto asset-backed lender BlockFI just landed $50 million in funding, marking the company’s third investment in just 12 months.
The round was led by Morgan Creek Digital with participation from Valar Ventures, CMT Digital, Castle Island Ventures, Winklevoss Capital, SCB 10X, Avon Ventures, Purple Arch Ventures, Kenetic Capital, HashKey, and others.
BlockFI will use the cash to hire more employees and boost its business offerings. Specifically, BlockFI plans to add support for additional assets and currencies and is working on the launch of a bitcoin rewards-based credit card.
Flori Marquez, SVP of Operations and Co-Founder of BlockFi, described the company as “a driving force in bringing cryptocurrencies mainstream.” And that summarizes BlockFI’s goal with this new growth round. Not only does the company hope to improve the customer experience, it also wants to broaden the appeal of crypto-based investment.
Founded in 2017, BlockFI offers some of the same services customers are used to seeing at their traditional bank, only for cryptocurrencies. In addition to providing trading and institutional services, the company allows users to earn compound interest in a range of different cryptocurrencies. BlockFI also helps clients leverage their cryptocurrency as collateral towards a loan, paid in U.S. dollars, and receive their cryptocurrency back after the loan is paid off.
“With the support from our partners, we’re creating a platform for investors where they aren’t investing in just digital assets anymore—they’re investing in the future, greater financial empowerment and accessibility,” said Zac Prince, CEO and Founder of BlockFi.
BlockFi, which currently has $1.5 billion in assets on its platform, has seen impressive growth in recent months. The company ballooned its revenue 10x over the past year, with plans to reach $100 million in revenue over the next 12 months.
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