BlockFi, the crypto credit startup based in New York, is backed by a strong team of Wall Street investors, including Fidelity’s subsidiary, Devonshire Investors, which contributed a $4 million in a fundraising in order to support the new Crypto products.
As reported by BlockFi‘s official blog, among the investors supporting the crypto company are Akuna Capital with the participation of Susquehanna Government Products, LLLP, CMT Digital, Recruit Strategic Partners, Galaxy Digital Ventures, Morgan Creek Digital, and Devonshire Investors, the private equity group affiliated with FMR LLC, the parent company of Fidelity Investments.
— BlockFi (@TheRealBlockFi) December 12, 2018
BlockFi says that this new round of financing will be devoted to the growth of the team and the launch of new products that will be ready by the beginning of 2019.
The startup includes the launch of a crypto credit card and an interest-earning crypto savings account.
For this purpose, the company expects to initially collaborate with a credit card company.
The interest-earning crypto savings account, unlike the traditional one, would allow users to add bitcoin to a BlockFi account and start earning, thus having an active yield in bitcoin.
BlockFi’s CEO, Zac Prince, says:
“We’re thrilled to have such a strategic group of investors supporting our efforts to bring low-cost credit to crypto market participants. Our pragmatic approach to fundraising and team building has enabled us to continue growing through negative market conditions. We are excited to execute on plans to bring new products to market and continue to add more value for our clients“.
Other encouraging statements have been made by representatives of supporting companies such as Colleen Sullivan, Partner and CEO of CMT Digital, who says:
“The BlockFi team has substantive subject matter expertise, decades of experience, and the focus and discipline that we believe is needed in order to implement the BlockFi vision and plan. We’re thrilled to partner with BlockFi“.
Dean Carlson, head of Digital Asset Investments at Susquehanna, says:
“We believe debt and credit markets in the crypto space will continue to grow and BlockFi is well-positioned to maintain its leadership position as the market expands“.