Earn Free Bitcoin


Cryptocurrency lending firm BlockFi raises $50M ahead of bitcoin rewards card release

Cryptocurrency lending firm BlockFi Lending LLC announced today it has raised $50 million in new funding to support its upcoming release of a bitcoin rewards credit card.

The Series C round was led by Morgan Creek Digital and included Valar Ventures, CMT Digital, Castle Island Ventures, Winklevoss Capital, SCB 10X, Avon Ventures, Purple Arch Ventures, Kenetic Capital, HashKey and a number of individual investors.

Founded in 2017, BlockFi operates as a nonbank lender that offers crypto-backed loans, allowing investors to borrow against their cryptocurrency holdings as equity. The loans allow applicants to unlock up to 50% of the value of their assets in U.S. dollars and can be used for any purpose, from paying off credit card debt to buying a home.

The money the company lends comes from allowing investors to deposit their cryptocurrency holdings in an interest-bearing account that promises returns of up to 8.6% annually. Deposits can be made in bitcoin, Ethereum, Litecoin, USD Coin and Gemini Dollar.

The company last raised $30 million in venture capital in February. Since that time, it has continued to grow even during tumultuous times in financial and cryptocurrency markets such as bitcoin’s mini-crash in March.

BlockFi’s revenue has grown tenfold over the past year, putting the company on pace to reach $100 million in revenue over the next 12 months. The company has more than $1.5 billion in assets on its platform with zero loss rates across its lending portfolio since inception.

BlockFi said growth is particularly strong in Asian markets, where the company has established a number of strategic partnerships, including with Siam Commercial Bank PCL’s 10x technology investment arm.

“The past 12 months at BlockFi have been nothing short of amazing and if anything, it’s a testament to the staying power of bitcoin and other digital assets,” Zac Prince, founder and chief executive officer of BlockFi, said in a statement. “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.”

Including the new funding, BlockFi has raised $158.7 million to date.

Image: BlockFi

Since you’re here …

Show your support for our mission with our one-click subscription to our YouTube channel (below). The more subscribers we have, the more YouTube will suggest relevant enterprise and emerging technology content to you. Thanks!

Support our mission:    >>>>>>  SUBSCRIBE NOW >>>>>>  to our YouTube channel.

… We’d also like to tell you about our mission and how you can help us fulfill it. SiliconANGLE Media Inc.’s business model is based on the intrinsic value of the content, not advertising. Unlike many online publications, we don’t have a paywall or run banner advertising, because we want to keep our journalism open, without influence or the need to chase traffic.The journalism, reporting and commentary on SiliconANGLE — along with live, unscripted video from our Silicon Valley studio and globe-trotting video teams at theCUBE — take a lot of hard work, time and money. Keeping the quality high requires the support of sponsors who are aligned with our vision of ad-free journalism content.

If you like the reporting, video interviews and other ad-free content here, please take a moment to check out a sample of the video content supported by our sponsors, tweet your support, and keep coming back to SiliconANGLE.

Read More

Earn Free Bitcoin


Please enter your comment!
Please enter your name here