A non-bank cryptocurrency lender BlockFi has raised $350 million in a Series D fundraising round that values it at $3 billion, the company announced. According to a blog post, the company attracted capital from Bain Capital Ventures, partners of DST Global, Pomp Investments and Tiger Global.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
With the investments, the company will expand the current core product offering, including: earning yield on cryptocurrencies, buying and selling crypto directly on BlockFi and originating US dollar loans secured by the value of cryptocurrencies on the platform.
BlockFi CEO and Co-Founder, Zac Prince, believes that the cryptocurrency market will democratize finance and serve as a "hedge against inflation and expansionary monetary policy."
"Our conviction that digital assets are the future of finance has been vindicated by our client base, which grew 10X year-over-year in 2020 and has more than doubled since the end of 2020," Prince added.
BlockFi's new investment round comes shortly after the company temporarily paused new signups as the company suffered a "vulgar and racist" spam attack. Prince told Forbes, the attack was designed to try and create "negative sentiment" around BlockFi by trying to get emails sent with vulgar language in them.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.