Crypto lender BlockFi secures additional $4 million in funding

Crypto lender BlockFi secures additional $4 million in funding

BlockFi, a crypto-lending business, has secured an additional $4 million in funding. The company, who offers loans for Bitcoin Core (BTC), Ether (ETH) and Litecoin (LTC), intends to put the money towards “team growth and the launch of new products, including an interest-earning crypto savings account, a portfolio line-of-credit and crypto-backed credit cards.”

This is the third round of funding for BlockFi. In July, the company raised $52.5 million to support its expansion, and previous to that in February, they raised 1.55 million.

Since that last round in July, BlockFi followed through on its promise of expansion by opening up to two additional states, and announced in October that it had opened up lending to international customers.

In a blog post celebrating this fundraising round, the BlockFi team made their intention clear that they expect to have their new crypto savings account product ready to launch in the first quarter of 2019. No word yet on their upcoming line-of-credit or credit card products, but at the rate BlockFi is growing, they can’t be too far out.

Toby Allen, head of digital assets for Akuna Capital, one of the new investors, was quoted as saying “The BlockFi team is providing a critical piece of financial services infrastructure in the crypto space.”

Zac Prince, CEO of BlockFi, is proud of his company’s success despite a rough year for crypto markets, saying, “Our pragmatic approach to fundraising and team building has enabled us to continue growing through negative market conditions. We are excited to execute on plans to bring new products to market and continue to add more value for our clients.”

Galaxy Digital, which had previously led BlockFi’s July fundraising, was once again involved. They also assisted Good Money with their funding round recently.

Other groups participating in this round of investment were Susquehanna Government Products, LLLP, CMT Digital, Recruit Strategic Partners, Morgan Creek Digital and Devonshire Investors.

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