![BlockFi Raises $350 Million in Series D Round](http://bitcoinworld.co.in/wp-content/uploads/2021/03/BlockFi-Raises-350-Million-in-Series-D-Round.jpg)
BlockFi, a prominent crypto lending firm, has raised $350 million in Series D investment, with a valuation of $3 billion. Venture Capitalists led by Bain Capital Ventures, Pomp Investments, DST Global partners, and Tiger Global co-led the Series D funding round. The company states that it will use the proceeds from the round to innovate its product suite, geographical expansions, and acquisition opportunities.
Established by Zac Prince and Flori Marquez, BlockFi has 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 accomplished a market valuation of $3 billion. BlockFi’s monthly revenue is over $50 million. Moreover, BlockFi’s early investors involve Valar Ventures, Breyer Capital, Susquehanna Government Products, Jump Capital, and Paradigm.
BlockFi Plans to Launch BTC Rewards VISA Cards
Furthermore, BlockFi provides crypto-backed Bitcoin, Litecoin, Ethereum, and Paxful Gold stablecoin loans at a 4.5% annual interest rate. It also offers annual returns of up to 8.7%, equivalent to a savings bank account, on crypto holdings of the above crypto, adding stablecoins and LINK token. The online platform also operates as a crypto exchange and will soon introduce BTC rewards VISA cards.
Consequently, its client base has prominently increased in the current years. In 2019, the firm had just 10,000 regular users, as opposed to 250,000 today. It is also one of the biggest holders of crypto in the space. As per a company filling submitted last year, it owns 5.07% of GBTC (Grayscale Investment’s Bitcoin Trust). This signifies a value of over $1.5 billion at current market rates.
The surge in users and valuation occurs as the broader crypto market rises in terms of value. Bitcoin surpassed $1 trillion last month as institutions proceeded to buy the top-crypto. Numerous exchange-traded-funds (ETFs) viewed this interest’s advantages, with newly launched Canadian ETF, Purpose Bitcoin, drawing over $400 million in just two days after commencement. BlockFi’s latest valuation has made it one of the few crypto unicorns. The company has plans to apply for a public listing. Summing it up, BlockFi’s funding provides it a stellar valuation.
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