RATE Group | Cryptocurrency lending firm BlockFi raises $30M to expand product offerings
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Cryptocurrency lending firm BlockFi raises $30M to expand product offerings

14 Feb Cryptocurrency lending firm BlockFi raises $30M to expand product offerings

Posted at 04:27h in Cryptocurrency News by

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Cryptocurrency lending firm BlockFi Lending LLC said today it has raised $30 million in new funding to hire more people and expand its current range of product offerings.

The Series B round was led by Valar Ventures and included Morgan Creek Digital, PJC, Akuna Capital, CMT Digital, Avon Ventures, Castle Island Ventures, Purple Arch Ventures, Kenetic Capital, Winklevoss Capital, Arrington XRP Capital and HashKey Capital.

Founded in 2017, BlockFi operates as a nonbank lender that offers crypto-backed loans that allow investors to borrow against their cryptocurrency holdings as equity. The loans allow applicants to unlock up to 50% of the value of their assets in U.S. dollars and can be used for any purpose, from paying off credit card debt through to buying a home.

BlockFi notes that businesses can use the funds to help them with payroll financing and business expansion. The company accepts collateral in bitcoin, Ethereum or Litecoin.

The money the company lends comes…

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