Crypto-backed lending company BlockFi closes $ 18.3 million in financing »CryptoNinjas
BlockFi, a crypto-backed lending company, announced today that it has raised $ 18.3 million in Valar Ventures-led Series A financing involving Winklevoss Capital, Galaxy Digital, ConsenSys Ventures, Akuna Capital, Avon Ventures, Susquehanna, CMT Digital, Morgan Creek, and PJC.
The capital will be used to add new products to BlockFi’s existing platform, which includes Bitcoin interest-bearing accounts and USD crypto-backed loans.
BlockFi was the first to receive institutional funding for USD crypto-backed loans in the form of a $ 50 million credit facility from Galaxy Digital. The company’s second product enabled crypto investors to earn interest on their assets and participate in the rapidly growing crypto credit market.
“Aside from all the hype and volatility of the crypto trading markets, there are teams like BlockFi building the infrastructure to make digital asset investing mainstream. We’re excited to help BlockFi build robust picks and shovels for this emerging asset class. “
– James Fitzgerald, General Partner at Valar Ventures