Crypto Currency-To-USD Lending Management Startup Raises $18.3 Million
A startup in Crypto-backed lending and wealth management, BlockFi, has scooped another major funding round. BlockFi, which was conceived with a healthy fund-raising round of $1.5 million followed by another $50 million last year, the company is now richer by another $18.3 million following investments from Valar Ventures. Valar was joined by Winklevoss Capital, Galaxy Digital, ConsenSys, Akuna Capital, Susquehanna, CMT Digital, Morgan Creek, Avon Ventures and PJC.
— BlockFi (@TheRealBlockFi) August 6, 2019
The motto of the company — to make every cryptocurrency wealth investor feel like a ‘whale’.
Today, BlockFi offers a one-stop platform for all crypto-backed lending and treasury management. In addition, the company is also providing a safe and secured storage approach backed by Litecoin and Gemini.
In 2019, Crypto-lending platforms are making big waves in the blockchain tech industry. Crypto-secured loans are managed through both centralized and decentralized platforms providing the lenders and borrowers with healthy investment opportunities.
#ETHLend on @Bloomberg ‼️
“Everything flies in the bull market, but true magic happens when it does well in a bear market,” said Aave CEO @StaniKulechov said in a phone interview.
Read more about Stani's interview here ⬇️https://t.co/ZTNBh2V3Ab#DeFi #Lend
— Aave (@AaveAave) January 3, 2019
Crypto Lending companies are crushing the bear market. Quoting Bloomberg, crypto lending companies are benefitting from diverse trading companies, hedge funds, and short-selling portfolios.
BlockFi provides to crypto traders what we call Bitcoin-to-USD currency. The loans are backed by cryptocurrency where traders can use crypto to get USD without actually selling.
In an official company statement, BlockFi CEO & Founder Zac Prince said,
“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.”
BlockFi Co-Founder Flori Marquez, added, “For the first time in history, we are able to leverage the borderless nature of crypto to enhance the value, speed, and reach of financial products. We differentiated ourselves since inception by focusing on building a compliance-focused platform that aims to bridge blockchain technology with the existing financial systems of the world.”
James Fitzgerald, general partner at Valar Ventures —
“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.”
Sterling Witzke, Partner, Winklevoss Capital —
“We are thrilled to partner with BlockFi to bring crucial financial services to the crypto industry. BlockFi’s interest-bearing accounts and low-cost loan products are important steps towards mainstreaming crypto.”