Bitcoin lending services really make money? BlockFi won a $18.30 million Series A financing from a number of well-known institutions

Encrypted asset lending startup BlockFi announced on Tuesday that BlockFi received $18.3 million in Series A funding led by Valar Ventures. Analytics-3265840_1280

In addition to Valar Ventures, founded by PeterPel, the co-founder of PayPal, Winklevoss Capital, Galaxy Digital, ConsenSys, Akuna Capital, Susquehanna, CMT Digital, Morgan Creek, Avon Ventures and PJC also participated. Round financing. Valar's investment is its first investment in the cryptocurrency industry, after the company invested in other financial technology companies such as Transferwise.

According to a statement from the company, BlockFi plans to use the funds to increase its product line. The company's most important product, the Bitcoin Income Deposit Service, was launched in March this year. In addition to deposit services, BlockFi also offers cryptocurrency-backed loans.

James Fitzgerald, general partner of Valar, said that BlockFi's products will make cryptocurrency mainstream.

“We are excited to help BlockFi build a strong 'iron and shovel' for this emerging asset class,” he said.

The A round of financing was carried out five months after the launch of the Bitcoin income loan service.

A719FBA9B0634475ACCBEED0529886D8

From:BlockFi

Thanks to a 6.2% interest rate commitment, the product received $25 million in deposits after its launch on March 5. As of the end of April, BlockFi’s interest-bearing account has been deposited in excess of $50 million.

However, the maximum interest rate for larger accounts for the month was lowered. The annual rate of return for accounts with more than 25 BTC or 500 ETH deposits fell to 2%.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Futures Exchange Industry 2019 Phase II Research Report

Summary of points: 1. From January to July 2019, the volume of digital passbook futures increased significantly. The ...

Blockchain

Number said | In the first half of 2019, blockchain private placement financing of 11.851 billion yuan exceeded 60% of funds invested in the US market

As the cryptocurrency undergoes the “Bear Bull” conversion, the blockchain private equity financing mar...

Blockchain

Derivatives track has become an industry consensus. Bitcoin will be up to 20,000 US dollars in the year?

2020 cryptocurrency market welcomes a good start: BTC rose more than 29% in January, and regained the 10,000 yuan mar...

Blockchain

Interviewed 800 crypto traders in 75 countries around the world. What did they find?

"Traders look for simplicity, but the exchange can't meet it. 80% of participants have entered the market f...

Blockchain

Starting to decentralize the game platform: Is it a good day to break the monopoly?

On May 31 , Xiao Xiao invited the founding partner of Xingyao Capital, Liu Jiang, founder of Xingheng Education, Chen...

Policy

The Crypto Circus: A Bug’s Billion-Dollar Bonanza

During the 10th day of Sam Bankman-Fried's trial, talks focused on a software glitch and the allocation of funds for ...