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Crypto asset lending platform BlockFi has announced that it has raised an additional $4 million convertible debt investments lead by.
The latest round also saw participation from Susquehanna Government Products, CMT Digital, Recruit Strategic Partners, Galaxy Digital Ventures, Morgan Creek Digital, and Devonshire Investors, the private investment arm of the owners of Fidelity Investments.
BlockFi said that the amount raised will be used to expand the team as well as launch of new products, including an interest-earning crypto savings account, a portfolio line-of-credit, and crypto-backed credit cards. The company plans to launch the savings account in Q1 2019.
“We’re thrilled to have such a strategic group of investors supporting our efforts to bring low-cost credit to crypto market participants,” said Zac Prince, CEO of BlockFi. “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.”
Founded by Zac Prince and Flori Marquez, BlockFi is a non-bank lender that offers USD loans to cryptoasset owners, bringing additional liquidity to the blockchain asset sector. In July 2018, the company secured $52.5 million in a funding round led by Galaxy Digital Ventures, a crypto and blockchain investment firm founded by Mike Novogratz.
“The BlockFi team is providing a critical piece of financial services infrastructure in the crypto space,” said Toby Allen, Head of Digital Assets at Akuna Capital. “Companies like BlockFi are representative of the high-quality development that will facilitate continued consumer adoption.”
In its latest announcement, BlockFi said that it has grown to 14 employees, which includes the appointment of Mahesh Paolini-Subramanya as CTO.
