Bitcoin Lending Platform BlockFi Raises $350 Million

Bitcoin Lending Platform BlockFi Raises $350 Million

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Crypto lending agency BlockFi has raised $350 million in Collection D funding, with a valuation of $3 billion.

BlockFi Selling Crypto Finance

Centralized lending platform BlockFi has raised $350 million from enterprise capitalists led by Bain Capital Ventures, companions of DST International, Pomp Investments, and Tiger International co-led the Collection D funding spherical.

Based by Zac Prince and Flori Marquez, BlockFi had raised a complete of $100 million in seed and Collection C funding rounds, with a valuation of $450 million in August final 12 months. In lower than six months, the corporate has attained a market valuation of $3 billion. Their month-to-month income is over $50 million.

PayPal founder Pieter Thiels’ enterprise fund Valar Ventures, Breyer Capital, Susquehanna Authorities Merchandise, Leap Capital, and Paradigm have been a number of the early traders in BlockFi.

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BlockFi has over $15 billion in belongings and boasts a person base of 225,000. Compared, on high DeFi lending platforms like MakerDAO and Compound, the whole asset is $6.8 billion and $5.6 billion, respectively. 

Crypto lending and decentralized exchanges have been the key contributors to the $41 billion growth in DeFi liquidity. BlockFi’s competitors within the centralized class contains Crypto.com, Celcius Community, and Hodlnaut.

BlockFi presents crypto-backed—Bitcoin, Ethereum, Litecoin, and Paxful Gold stablecoin—loans at a 4.5% annual rate of interest. It additionally presents annual returns of as much as 8.7%—much like a financial savings checking account—on crypto holdings of the above cryptocurrencies including stablecoins and LINK token.

The net platform additionally features as a crypto alternate and can quickly rollout BTC rewards VISA cards.

Disclosure: The writer held Bitcoin on the time of press.

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Printed at Thu, 11 Mar 2021 17:08:31 +0000

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