The BlockFi company, a leader in cryptocurrency lending, is securing more funding and getting more investors on the bench.
Nathan DiCamillo at Coindesk reports on new funding of $50 million, which adds up to $100 million in funding for the company over 1.5 years.
BlockFi, which is estimated to have around $1.5 billion in assets, generates an estimated $10 million in revenue per month.
It does so with services like collateralized lending for cryptocurrency assets.
We’ve been talking about how these lending platforms radically change how investors can use assets to earn interest. One of the prime examples is the flat 10% interest offers at platforms like Cred, where investors can secure a rate that challenges the yields of even the best managed hedge fund.
Investors who don’t mind converting their value into crypto can put those assets in digital wallets and get these higher interest rates, at a time when U.S. market activity is decidedly dicey, and the global economy seems poised on the edge of a precipice.
In keeping with new appeal for these kinds of services, the Blockfi company has nearly doubled its staff.
It’s also attracted some prominent investors:
“Other participants in the (the company’s Series C funding) include Peter Thiel’s Valar Ventures – the lead investor in BlockFi’s A and B rounds – CMT Digital, Castle Island Ventures, Winklevoss Capital, SCB 10X, Avon Ventures, Purple Arch Ventures, Kenetic Capital, HashKey, Michael Antonov, NBA player Matthew Dellavedova and two unnamed university endowments,” writes DiCamillo.
That’s nothing to sneeze at – and neither are the kinds of progress that firms have made in building emerging markets for capital that challenge old fiat models.
In the world of decentralized finance, you owe it to yourself to cast an eye on crypto lending and the alternatives it provides in a volatile market age.
