Manhattan, New york-based BlockFi Lending LLC, a platform which offers crypto asset-backed USD loans to crypto-asset owners has confirmed picking up $18.3 million Series A funding led by Valar Ventures, a funding platform founded by Pete Thiel. The latest financing saw participation from Winklevoss Capital, Morgan Creek Digital, Akuna Capital and earlier backers Galaxy Digital Ventures and ConsenSys Ventures.
Prior to this fundraising, BlockFI had raised $4 million in December last year when Akuna Capital had infused the sum. The current financing takes the total amount raised by the firm to $78.7 million.
Founded in 2017 by Zac Prince, the platform is a secure non-bank money lender offering loans to the owners of cryptocurrencies. The freshly raised funds will help the startup in the expansion of a number of products offering on the platform which includes interest-earning accounts for Bitcoin (BTC) and crypto-backed USD loans.
Zac Prince, the founder, and CEO of the firm talking about the funding said that We're excited to continue development at BlockFi that will bring us closer to our vision of a world where access to wealth-building financial products and services are not limited by geography or an individual's net worth. Our talented team and strategic backers will continue to drive the crypto financial services infrastructure forward to facilitate adoption and value creation in the crypto ecosystem."
James Fitzgerald, general partner at Valar Ventures talking about BlockFI said that "Outside of all the hype and volatility of the crypto trading markets, there are teams, like BlockFi, that are building the infrastructure to allow investing in digital assets to become mainstream. We are excited to help BlockFi build robust 'picks and shovels' for this emerging asset class.”