BlockFi has raised $50 million in a C Series investment led by Morgan Creek Digital. Other companies taking part in this round included Winklevoss Capital, owned by the Winklevoss twins.
After conducting two investments in A and B Series, this C Series investment indicates that BlockFi Capital is now a mature and attractive company for investors.
This was not a foregone conclusion. In fact, as BlockFi points out, the financing was carried out in the middle of the storm that swept the financial markets, with the crisis that forced many partners to review their assets and investments, in the wake of uncertainty.
Nevertheless, BlockFi came out stronger also from the human resources point of view: Anthony Pompliano, co-founder of Morgan Creek Digital, joined BlockFi’s board of directors.
He strengthens a team of highly qualified personnel from prestigious companies such as American Express, Bakkt, Deutsche Bank.
Anthony Pompliano is certain to have bet on the next fintech giant. BlockFi in fact has experienced a monstrous growth that will allow it to soon reach $100 million in revenue in 12 months.
BlockFi, with Morgan Creek to grow the crypto market
BlockFi aims to combine traditional finance with the cryptocurrency world. To do so, it proposes three main tools:
- Lending that allows individuals and organizations to deposit cryptocurrencies and withdraw dollars, ideal for those who need liquidity without being forced to sell their assets;
- An interest-bearing account where to deposit Bitcoin, Ethereum and stablecoins to earn up to 8.6% annual return.
- A cryptocurrency exchange without transaction costs.
The strength of BlockFi, according to Pompliano, is that, unlike other crypto companies, it has chosen to focus on deposits rather than trading or brokerage. And this makes it unique on the scene, with high growth potential.
Anthony Pompliano explains:
“The future of finance is digital. Every stock, bond, currency, and commodity will eventually be digitized. Investors will need a state-of-the-art wealth management platform to serve as their headquarters in this new world. This is exactly what BlockFi is building and now they have $50M in fresh capital to go faster and further”.
The CEO and founder of BlockFi Zac Prince adds:
“The past 12 months at BlockFi have been nothing short of amazing, and if anything, it’s a testament to the staying power of bitcoin and other digital assets. With the support from our partners, we’re creating a platform for investors where they aren’t investing in just digital assets anymore—they’re investing in the future, greater financial empowerment and accessibility”.
With this $50 million investment, BlockFi can pursue its goal: to bring cryptocurrencies into the mainstream.