RATE Group | Billionaire Peter Thiel Backs Financial Services for Bitcoin (BTC), Ethereum (ETH), Lite…
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Billionaire Peter Thiel Backs Financial Services for Bitcoin (BTC), Ethereum (ETH), Lite…

14 Feb Billionaire Peter Thiel Backs Financial Services for Bitcoin (BTC), Ethereum (ETH), Lite…

Posted at 19:48h in Ethereum News by

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PayPal co-founder and venture capitalist Peter Thiel is backing crypto trading and lending startup BlockFi in a new funding round of $30 million. The Series B offering was led by Thiel’s Valar Ventures with participation from Morgan Creek Digital, Avon Ventures and Winklevoss Capital.

The New Jersey-based firm, which reports $650 million in crypto assets on its platform, will use the funds to grow its team and expand its product line.

Last year, BlockFi launched an interest bearing account that allows investors to earn high interest on Bitcoin, Ethereum, Litecoin and stablecoins. But critics warn that such offerings carry significant risks amid a lack of regulatory oversight in the industry.

The firm is seeing impressive growth.

Zac Prince, co-founder and chief executive officer of BlockFi, says the company’s revenue increased by 20-fold since January of last year. The company currently offers an interest account, trading product and…

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