Crypto Lender BlockFi Secures $30M Series B To Bring In More Institutional Customers
BlockFi, a crypto lending startup based in New Jersey has raised $30 million in the just concluded Series B funding which was led by Peter Thiel’s startup, Valar Ventures.
As reported by CoinDesk, BlockFi stated on Thursday the fresh funding is meant to allow the startup to expand in its products portfolio as well as in its presence in the world. Zac Prince the firm’s CEO stated,
“Our Series B quickly follows our Series A six months earlier, which is a testament to the rapid growth we’ve been experiencing these past few months across revenue and user acquisition. Our main focus this year is expanding our products to the crypto-curious. We are determined to build out financial products that make crypto easy to use by the mainstream audience. We’re working towards a future where mobile banking is available to consumers on a global scale, leveraging crypto as payment rails.”
The Series B round was led by Valar Ventures, a brainchild of Peter Thiel and also included the participation of notable return investors such as Morgan Creek Digital, Avon Ventures, CMT Digital, PJC, Winklevoss Capital and Akuna Capital. New investors included numerous firms such as Island Ventures, Arrington XRP Capital, Kenetic Capital, HashKey Capital among others.
The investment by HashKey Capital is important to BlockFi as it will enable the firm to easily debut in Singapore in the near future, Prince revealed. According to Prince, although the firm has been actively serving its clients in Singapore and its environs, this would mark its inaugural physical presence in the region.
Prince also explained that BlockFi is expecting to draw lots of institutional clients in the Asia-Pacific areas as there are many mining firms, crypto exchanges, asset managers as well as market makers in the region. Once the firm translates its services and products into local dialects, it is hopeful of drawing in high retail clients from the region.
The firm has already set its goals for the first two quarters of the year. It plans to create a mobile app as well as the capability to send fiat wire transfers in the first quarter. The firm also plans to begin providing Automated Clearing House (ACH) money transfers in the second quarter of this year.
The raised funds will also be used to increase the number of Blockfi’s team from the current 75 to 150 before the end of the year, Prince stated.