BlockFi: This Wealth Management Solution For Crypto Investors Has Raised $18.3 Million

By Amit Chowdhry ● August 9, 2019
  • BlockFi, a leading wealth management solution for crypto investors, announced it raised $18.3 million

BlockFi — the leading wealth management solution for crypto investors — announced it has raised $18.3 million in Series A funding led by Valar Ventures with participation from Winklevoss Capital, Galaxy Digital, ConsenSys Ventures, Akuna Capital, Avon Ventures, Susquehanna, CMT Digital, Morgan Creek, and PJC. This capital will be used for adding new products to BlockFi’s existing platform, which includes interest-earning accounts for Bitcoin and crypto-backed USD loans.

“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,” said Valar Ventures general partner James Fitzgerald.

BlockFi was the first company to receive institutional funding for crypto-backed USD loans in the form of a $50 million lending facility from Galaxy Digital. And the company’s second product enabled crypto investors to earn interest on their assets and participate in the rapidly growing crypto-lending market.

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“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,” added BlockFi CEO and founder Zac Prince.

How does BlockFi work? BlockFi offers financial products that enable cryptocurrency holders to put their crypto to work. And the company services customers worldwide including 47 U.S. states with interest-earning accounts and low-cost USD loans backed by crypto. And BlockFi is backed by leading institutional investors and operates with a focus on compliance with US laws and regulations.

“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,” explained BlockFi co-founder Flori Marquez.