Crypto startup BlockFi raised $350 million in D round of funding

A cryptocurrency startup, originally from New Jersey, BlockFi managed to raise $350 million in funding for Series D. The company was valued at $3 billion.

BlockFi is a startup specialising in Bitcoin lending. The deal that took place is notable at least in that before the D round of financing, the company was valued at $435 million, having managed to raise $50 million in Series C. In other words, the valuation increased almost 7 times in six months!

Pomp Investments, DST Global, Tiger Global and Bain Capital Ventures topped Round D. BlockFi co-founder Zach Prince clarified that if you pay attention to the participants in the round, you can see how the attitude of institutions towards cryptocurrency and its ecosystem in general has changed.

At the moment, the BlockFi platform has taken over assets worth more than $15 billion. Prince said that against the backdrop of revenues of $100 million in 2020, they intend to receive $500 million by the end of this year. Given the company's growth rate, the goals don't seem sky-high. Back in 2019, their client base was 10,000 users, which has grown to 250,000 customers today. In addition, the company owns 5.07% or $34.91 billion of the Grayscale cryptocurrency trust.

Using the raised funds, BlockFi intends to begin expansion not only in Europe, but also in the Asia-Pacific region, with particular attention to the markets of Hong Kong, Australia and Singapore.

As a nice bonus, employees of the company can sell part of the shares, having received liquidity before BlockFi goes public.

Within the crypto community, companies are paying a lot of attention, believing that it will be able to repeat, and possibly surpass the success of Coinbase, the largest US cryptocurrency exchange, which filed an S-1 application with the SEC at the end of February this year.

Naturally, even the founders themselves have not dared to name the date of the IPO.

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