Crypto lending firm BlockFi was able to raise $350 million in its Series D funding round, which brought the valuation of the company to $3 billion, the firm said in a press release on 11 March.
According to the announcement, the new funding round was co-led by Bain Capital Ventures, partners of DST Global, Pomp Investments and Tiger Global. With the completion of its $350 million series D funding round — and with the addition of the funds raised in its previous three funding rounds — BlockFi has now raised more than $450 million, putting the company’s valuation at around $3 billion. BlockFi’s co-founder and Senior Vice President of Operations, Flori Marquez, said in a statement:
“Our goal for BlockFi has always been to facilitate cryptocurrencies going mainstream, and each day provides more evidence that is exactly what is occurring. I’m incredibly proud of how quickly we have added new professionals and products to meet market demand, and excited to continue adding talent and products in the months ahead.”
The firm plans to use the newly acquired capital to expand into new markets, and grow its product offering. This includes launching a bitcoin rewards-based credit card — announced back in August 2020 — a new BlockFi Bitcoin Trust, and an over the counter (OTC) trading desk. BlockFi further stated the new funding will “provide capital for select acquisition opportunities”.
The crypto lender has grown significantly since 2019, when it had a client base of only 10,000, and $53 million in client crypto assets under its management. Now BlockFi boasts of having more than 225,000 clients, and a monthly revenue exceeding $50 million. It further claims to have around $10 billion in outstanding loans, and $15 billion in total assets.