Crypto lending firm BlockFi has raised $350 million in Series D investment, with a valuation of $3 billion.
BlockFi Promoting Crypto Finance
Centralized lending platform BlockFi has raised $350 million from venture capitalists led by Bain Capital Ventures, partners of DST Global, Pomp Investments, and Tiger Global co-led the Series D funding round.
Founded by Zac Prince and Flori Marquez, BlockFi had raised a total of $100 million in seed and Series C funding rounds, with a valuation of $450 million in August last year. In less than six months, the company has attained a market valuation of $3 billion. Their monthly revenue is over $50 million.
PayPal founder Pieter Thiels’ venture fund Valar Ventures, Breyer Capital, Susquehanna Government Products, Jump Capital, and Paradigm were some of the early investors in BlockFi.
BlockFi has over $15 billion in assets and boasts a user base of 225,000. In comparison, on top DeFi lending platforms like MakerDAO and Compound, the total asset is $6.8 billion and $5.6 billion, respectively.
Crypto lending and decentralized exchanges have been the major contributors to the $41 billion boom in DeFi liquidity. BlockFi’s competition in the centralized category includes Crypto.com, Celcius Network, and Hodlnaut.
BlockFi offers crypto-backed—Bitcoin, Ethereum, Litecoin, and Paxful Gold stablecoin—loans at a 4.5% annual interest rate. It also offers annual returns of up to 8.7%—similar to a savings bank account—on crypto holdings of the above cryptocurrencies adding stablecoins and LINK token.
The online platform also functions as a crypto exchange and will soon rollout BTC rewards VISA cards.
Disclosure: The author held Bitcoin at the time of press.
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