Crypto Lender BlockFi Attracts $50M from Morgan Creek
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Aug. 20, 2020
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A financial services company focused on lending cryptocurrencies, BlockFi Inc., announced it has attracted $50 million in Series C funding led by Morgan Creek Digital.

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BlockFi also raised investments from Valar Ventures, CMT Digital, Castle Island Ventures, Winklevoss Capital, and others. This is the 3rd investment round over the past 12 months.

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The company says the investment round comes amid turbulence in world markets, with many retail and institutional investors "reassessing their portfolios to better hedge against ongoing economic uncertainty."

As many are starting to embrace bitcoin as an uncorrelated asset from equities and other commodities, BlockFi has uniquely capitalized on macroeconomic trends.

Morgan Creek Digital Co-Founder Anthony Pompliano claims BlockFi’s platform offers investors "unparalleled capabilities in the digital asset ecosystem."

We’re excited to back this world-class team as they continue to add new products and expand into incremental areas that are disrupting traditional finance

According to an official announcement, BlockFi’s revenue grew ten-fold over the past year, putting the company on pace to reach $100 million in revenue over the next 12 months.

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iHodl previously reported that BlockFi doubled monthly revenue after raising $30 million in Series B funding despite the coronavirus crisis.

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