On Monday, cryptoasset-to-USD lender BlockFi announced it is now serving customers in the state of California. The company reported that this California launch markets the expansion of its lending footprint to nearly 45 states. Founded in 2017, BlockFi describes itself as a secured non-bank lender that offers USD loans for crypto asset owners. The company claims its products bring additional liquidity to the blockchain asset sector and meets needs o both individuals and institutions holding blockchain assets.
“Currently, BlockFi is only accepting loans backed by either Bitcoin or Ethereum and are holding clients’ Bitcoin and Ether with a registered custodian and issuing loans in USD to their bank accounts.”
Speaking about the launch in California, BlockFi CEO and Co-Founder, Zac Prince, stated that the license approval in California and other states is a “testament” to the client-friendly design of the company’s products and compliance standards. Flori Marquez, Co-Founder and VP of Operations at BlockFi, also commented:
“Our goal is to offer the most affordable and accessible lending product in the U.S. and beyond. Our focus is on providing crypto investors the ability to do more with their investments, and this mindset will continue to drive our commitment to being the lowest cost provider.”
BlockFi added it is currently planning to grow their credit services into additional products and geographies. The launch in California follows BlockFi securing $52.5 million investment to expand its operations further in the crypto realm. The investment was given to BlockFi by Galaxy Digital Ventures LLC, a digital currency and blockchain technology investment firm.