BlockFi Doubles Monthly Revenue
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3 July
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A secured non-bank crypto lender BlockFi has doubled monthly revenue after raising $30 million in Series B funding despite the coronavirus crisis.

According to an official blog announcement, the gains were partially triggered by the Bitcoin's recent halving. The company claims it succeeded to add more clients than ever before amid the halving.

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Approximately 7,000 new accounts were funded, putting the firm at a 25% month-over-month growth rate, BlockFi says.

The company plans to generate $50 million in revenue by the end of 2021.

BlockFi CEO and Co-Founder Zac Prince says the crypto financial services space is maturing and the market is witnessing a turning point "where traditional finance is being outpaced by digital."

"Savvy veterans of the old guard will continue to look to alternative technologies and digital currencies to build what the next frontier of finance will look like," Prince added.

BlockFi Director of Business Development in Asia Rishi Ramchandani claims institutional support and adoption for the cryptocurrency market has soared among traditional investors.

"Yet in markets across Asia, which have been early adopters of crypto, there is an untapped opportunity to capitalize on and evolve institutional trading strategies," he pointed out.

In June, BlockFi entered into a cooperation agreement with a global tax software company Sovos.

According to an official press release, the Sovos Tax Information Reporting solution automated BlockFi’s 1099 forms and filings for crypto investor clients for the 2019 tax year.

BlockFi Adds Support for USDC and Litecoin

With this partnership, BlockFi wants to reduce potential errors and get automatic regulatory updates.

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