On August 20, BlockFi announced the closure of its Series C funding round, raising $50 million to grow the team of developers and further expand its business. The newly-acquired funds will be used for the release of a bitcoin rewards-based credit card as well as to support additional digital assets and currencies on the platform.
According to the announcement, many reputable lenders have taken part in the funding, including the lead investor in BlockFi’s Series A and Series B – CMT Digital, NBA player Matthew Dellavedova, Castle Island Ventures, Winklevoss Capital, SCB 10X, Avon Ventures, Purple Arch Ventures, Kenetic Capital, HashKey, Michael Antonov, as well as two unnamed university endowments.
The company has publicly declared its position to continue to capitalize on macroeconomic trends and work towards the adoption of Bitcoin as an uncorrelated asset from equities and other commodities. Their goals for the future are to surpass $100 million in revenue over the next 12 months and expand their offerings as a full-service investment platform for cryptocurrencies, as at this moment, more than $1.5 billion in assets are being boasted on BlockFi.
“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,” said Zac Prince, CEO and Founder of BlockFi. “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.”
The company also stated that new members were added to their leadership team recently, including a new Chief Growth Officer Wittney Rachlin (American Express, Prudential), Chief Security Officer Adam Healy (Bakkt, Palantir, various U.S. government offices), General Counsel Jonathan Mayers (Renaissance Technologies, Barclays, Deutsche Bank), and Europe/APAC Managing Director David Olsson (Credit Suisse, Merrill Lynch).
According to BlockFi, bringing qualitative innovations across the fintech industry will require them to scale up their operations and bring new talent onboard. The expanded team will work on improving the retail and institutional client experience while enabling the platform to broaden the appeal of crypto-based investment.
“I’m really excited by Zac and the team’s explosive growth in a growing space. To be able to earn interest on crypto is going to be attractive for a lot of people in a low yield environment,” explained Matthew Dellavedova, NBA player with the Cleveland Cavaliers.