CEO and Founder of BlockFi, Zac Prince, announced that his company had closed a Series C funding round for $50 million. As part of the investment round led by Anthony “Pomp” Pompliano’s Morgan Creek Digital, Pomp will join BlockFi’s board of directors.
Prince initially announced the fundraising in Pompliano’s latest podcast episode earlier today. The two specified that apart from Morgan Creek Digital, other prominent co-investors participating in the round included Valar Ventures, CMT Digital, Castle Island Ventures, Winklevoss Capital, SCB 10X, Avon Ventures, Purple Arch Ventures, NBA player Matthew Dellavedova, and more.
This is the third round of funding completed by the company in the past 12 months, which, according to the official announcement, is a testament to its rapid growth. BlockFi specified that the newly secured funds will be utilized to expand the team further and develop new business lines. The cryptocurrency lender plans to release a Bitcoin rewards-based credit card and add support for additional assets.
The statement also asserted that the company’s revenue has grown “tenfold over the past year,” and BlockFi is “on pace to reach $100 million in revenue over the next 12 months.” The firm now boasts more than $1.5 billion in assets on its platform, with a “0% loss rate across its lending portfolio since inception.”
“The past 12 months at BlockFi have been nothing short of amazing, and if anything, it’s a statement to the staying power of Bitcoin and other digital assets.”- commented Prince.
Morgan Creek Digital’s co-founder and partner, Anthony Pompliano, will join the BlockFi’s board of directors as part of the investment. He said that his company made its first investment into BlockFi in early 2019 and was impressed by how much the team has grown since then.
“BlockFi’s platform offers investors unparalleled capabilities in the digital asset ecosystem. We are excited to back this world-class team as they continue to add new products and expand into incremental areas that are disrupting traditional finance.” – added Pompliano.
He also predicted that the “future of finance is digital.” Therefore, all traditional assets, such as stocks, bonds, currencies, and commodities, will eventually be digitized. Investors will require a proper wealth management platform “to serve as their headquarters in this new world,” and this is where BlockFi will play a significant role.
The article was first published on: Aug 20, 2020
