Odaily Frontline | BlockFi completes $50 million in Series C financing, led by Morgan Creek
This article is from:Crunchbase, by Christine Hall
Odaily Translator |
Odaily Translator |
Encrypted asset lending platform BlockFi announced the completion of $50 million in Series C financing, led by Morgan Creek Digital, and other participating institutions include Valar Ventures (leader of Series A and Series B financing), CMT Digital, Castle Island Ventures, Winklevoss Capital , SCB 10X, Avon Ventures, Purple Arch Ventures, Kenetic Capital, and HashKey, as well as NBA champion Matthew Dellavedova and endowments from two prominent universities also participated in the round.
Overseas cryptocurrency media The Block reported that people familiar with the matter revealed that BlockFi was valued at $400 million before this round of financing.
According to Crunchbase data, this is BlockFi’s third funding round in the past 12 months, and it comes just six months after the company closed its $30 million Series B round. Since its inception in 2017, BlockFi's total funding has reached approximately $160 million.
As part of the investment agreement, Morgan Creek Digital co-founder and partner Anthony Pompliano will join BlockFi's board of directors.
Pompliano said: "BlockFi provides investors with unparalleled services in the digital asset ecosystem. We are excited to invest in this world-class team...as a leader in Bitcoin and the entire cryptocurrency industry. BlockFi has established have done extraordinary business, but they still have a lot of work to do."
The new funds raised by BlockFi in this round of financing will be used to launch new products and expand the global team. In addition to offices in New Jersey and New York, BlockFi has offices in Poland, Argentina, London and Singapore, according to company founder Zac Prince. BlockFi currently has around 250 employees and expects that number to grow to 350 by the end of next year.
The new funds will also be used to expand new businesses, including issuing credit cards that offer bitcoin rewards, and adding support for more assets/currencies.
Prince said: "We are in an industry that is still in its infancy, and everyone is working together to expand the market size and promote cryptocurrency to the world. Fortunately, the cryptocurrency industry is currently developing rapidly, and this market is changing. become more and more important, and BlockFi’s business is growing rapidly along with it.”
