According to the announcement made by the cryptocurrency lender BlockFi, it has successfully completed its third funding round that is Series C by raising an amount of $50 million through it. Before the Series C funding round, the company had completed Series A and B funding rounds. An amount of $18 million was raised during the Series A funding round while the company raised $30 million in Series B funding that occurred in the month of February 2020.
Morgan Creek Digital Leads the funding round
As per the announcement made today on August 20, Anthony Pompliano’s cryptocurrency management firm Morgan Creek Digital led the BlockFi’s third funding round helping the cryptocurrency lending platform to raise around $50 million funds.
Many other big investors also participated in this funding round. These include Castle Island Ventures, SCB 10X, CMT Digital, Kenetic Capital, Avon Ventures, NBA player Matthew Dellavedova, Winklevoss Capital, Purple Arch Ventures, Michael Antonov, HashKey, as well as Valar Ventures of Peter Thiel who led the first two funding rounds A and B of BlockFi. Apart from them, there were two university endowments as well who participated in this funding round.
Also read:BlockFi plans to launch the crypto-rewards credit card
Zac Prince, the co-founder and CEO of BlockFi, says that this new capital will help them to improve their business and grow their team. Also, the company will be able to work on expanding new functionality into its products.
While sharing the future plans of the company, Zac Prince revealed that they are also planning on launching a cryptocurrency-rewards credit card very soon. Prince said:
“With this new capital, we’ll be looking to not only continue to grow our world-class team, but also expand new functionality into our products. Before the end of the year, we are looking to launch our highly anticipated crypto-rewards credit card, roll out ACH payments, launch tax optimization tools and add new functionality to our mobile app including the ability to buy a tokenized version of gold.”
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