Crypto bank BlockFi reaches $3bn revaluation after $350m raise
BlockFi, one of the leading crypto lenders, has raised a mammoth amount in a recent Series D round.
Crypto lender BlockFi has raised over $350 million in a Series D round and is now valued at over $3 billion, the firm said in a statement today. The firm is one of the few reputable „CeFi“ firms that allow people to earn a return on their Bitcoin Evolution cryptocurrencies – 6% on Bitcoin and over 8.6% on Stablecoins.
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
The Series D raise was co-led by Bain Capital Ventures, partners of DST Global, Pomp Investments, and Tiger Global. Other funds in participation included existing backers Valar Ventures, Breyer Capital, Susquehanna Government Products, Jump Capital, and Paradigm – among many others.
Founded in August 2017, BlockFi is a secured non-bank lender that offers USD loans to cryptocurrency holders who further secure the loan with their crypto assets. Its products bring additional liquidity to the blockchain sector and are helpful to both individuals and institutions holding cryptocurrencies.
The company operates its own institutional lending service and provides trading services for institutions participating in the crypto markets.
„In less than six months since we completed our Series C, bitcoin and other digital assets have taken a central role in the portfolios of many investors and in the broader financial markets,“ Zac Prince said in a statement to TechCrunch.
„Our belief that digital assets are the future of finance has been validated by our client base, which has grown tenfold in 2020 and more than doubled since the end of the year.“
But why $350 million?
The company has now raised over $450 million in four rounds, $100 million across its seed and Series C rounds. The firm holds customers‘ Bitcoin (for buy Bitcoins via instant transfer instructions) and Ethereum (which, by the way, continues to receive growing institutional interest) at a registered custodian and issues credits in USD to their bank accounts.
Why the big cheque? As a press release indicates, BlockFi’s client base has grown from less than 10,000 to more than 225,000 in just two years, with more than 265,000 retail clients funded and more than 200 institutional clients to date.
Total loan volume has exceeded $10 billion, spread across retail, corporate and institutional clients. Meanwhile, the company has grown its assets under management from $1 billion last year to $15 billion – with a 0% loss rate for the entire loan portfolio since inception.