BlockFi has raised $30 million from a group of investors, including Morgan Creek Digital, Winklevoss Capital, Arrington XRP Capital and others.
New York-based cryptocurrency-lending firm BlockFi has bagged up to $30 million from a host of investors during its Series B funding. The list of them includes Winklevoss Capital, Arrington XRP Capital, and Morgan Creek Digital among others. The company aims to use the funds it received to enhance its staff and expand its offerings, reports revealed on Thursday, February 13, 2020.
According to the reports, United States-based capital fund Valar Ventures led the Series B funding round which also had other firms such as Purple Arch Ventures, Kenetic Capital, Castle Island Ventures, Akuna Capital, CMT Digital, Avon Ventures, and Hong Kong-based HashKey Capital in participation.
BlockFi is a start-up cryptocurrency financial institution that helps crypto investors to manage their digital assets and allows them to earn crypto by offering them crypto interest accounts, crypto trading, as well as crypto-backed loans. Having become one of the notable financial startups in the digital world following its establishment in 2017, the company has developed in its sight and plans to use the raised fund on its expansion project.
In the release, BlockFi gave a clue that it will roll out products available to a mainstream audience, beginning with a mobile app in the coming months. Talking about the proposed development, the VP of operations and co-Founder of BlockFi, Flori Marquez stated:
“We’ve demonstrated that we can build financial products around cryptocurrency that can look and feel like the apps you already have on your phone, and we’re well-positioned to drive mainstream adoption.”
The report also notes that BlockFi’s initial annual percentage yield on assets as it stands is 8.6% for Bitcoin (BTC), Ethereum (ETH) and stablecoins. It concludes by adding that the company also gives out crypto-backed loans that allow investors to obtain liquidity up to 50% of an asset’s value in USD.
It appears that BlockFi’s desire to meet the needs of its customers is increasing every day. In December, Coinspeaker reported that the cryptocurrency lending firm has presented a new zero-fee trading model for it users for Bitcoin, Ethereum and the GUSD stablecoin, allowing them to trade one cryptocurrency asset against another at no cost.
That came after the New-York based cryptocurrency-lending company raised up to $18.3 million in its Series A funding round that saw contributions from powerhouses in the cryptocurrency sector including Galaxy Digital, Morgan Creek Digital, Winklevoss Capital, ConsenSys Ventures, Akuna Capital, Avon Ventures, Susquehanna, CMT Digital, and PJC, as per reports covered by Coinspeaker earlier.
Author Osaemezu Ogwu is a cryptocurrency journalist with several years of experience in the crypto-verse.