Cryptocurrency is an internet-based virtual currency that works as a medium of exchange which uses the cryptographical function to control and verify financial transactions.
Morgan Creek Digital, PJC, Akuna Capital, CMT Digital, Avon Ventures, Castle Island Ventures, Purple Arch Ventures, Kenetic Capital, Winklevoss Capital, Arrington XRP Capital, and HashKey Capital has participated as well.
“Our Series B quickly follows our Series A six months earlier, which is a testament to the rapid growth we’ve been experiencing these past few months across revenue and user acquisition,” said CEO and co-founder of BlockFi, Zac Prince on his statement.
According to the firm, the funding will be used to further expand the firms’ growth, product offerings, and geographical footprints. The firm is also planning to open a branch in Singapore to better serve its Asia-based clients.
In the first quarter of this year, the company will be developing a mobile application and to send fiat wire transfers. BlockFi also plans to offer Automated Clearing House (ACH) payments.
“Our main focus this year is expanding our products to the crypto-curious. We are determined to build out financial products that make crypto easy to use by the mainstream audience,” added Zac Prince.
Given the number of mining companies, asset managers, exchanges and market makers in Asia-Pacific, BlockFi expects to attract more institutional customers in the Asia-Pacific region.
Founded in 2017, BlockFi is a nonbank lender that provides crypto-backed loans, the firm permits investors to borrow against its cryptocurrency holdings as equity. The loan allows borrowers to access up to 50 percent of the value of their assets in U.S. dollars that can be used for any purpose.
The cash that the company lends allows investors to deposit their cryptocurrency holdings via bitcoin, Ethereum, Litecoin, USD Coin, and Gemini Dollar. BlockFi also offers a cryptocurrency trading that enables customers to sell, buy, and trade with support for the same currencies as accepted as deposits.
“At BlockFi, we believe that access to wealth-building financial products shouldn’t be limited by geography or net worth. As our platform continues to mature, BlockFi clients benefit from more diverse products and in turn, greater financial empowerment,” Prince added on his statement.
According to the company, the firm has over $650 million assets on its platform so far, in deposits from retail, corporate, and institutional crypto investors. The firm confirmed last August, having a 160 percent increase from the $250 million in assets and a 0 percent loan loss rate.