Cryptoasset-to-USD lender BlockFi announced on Tuesday it secured $18.3 million through its Series A funding round, which was led by Valar Ventures with participation from Winklevoss Capital, Galaxy Digital, ConsenSys Ventures, Akuna Capital, Avon Ventures, Susquehanna, CMT Digital, Morgan Creek, and PJC.
As previously reported, BlockFi describes itself as a secured non-bank lender that offers USD loans for crypto asset owners. The lender claims its products bring additional liquidity to the blockchain asset sector and meets needs o both individuals and institutions holding blockchain assets. the company reported it offers the lowest interest rates and most flexible product in the crypto-to-USD lending market.
While sharing more details about the investment, James Fitzgerald, General Partner at Valar Ventures, stated:
“Outside of all the hype and volatility of the crypto trading markets, there are teams, like BlockFi, that are building the infrastructure to allow investing in digital assets to become mainstream. We are excited to help BlockFi build robust ‘picks and shovels’ for this emerging asset class.”
BlockFi CEO and Founder, Zac Prince, also commented:
“We’re excited to continue development at BlockFi that will bring us closer to our vision of a world where access to wealth-building financial products and services are not limited by geography or an individual’s net worth. Our talented team and strategic backers will continue to drive the crypto financial services infrastructure forward to facilitate adoption and value creation in the crypto ecosystem.”
BlockFi Co-Founder, Flori Marquez, then added:
“For the first time in history, we are able to leverage the borderless nature of crypto to enhance the value, speed and reach of financial products. We differentiated ourselves since inception by focusing on building a compliance-focused platform that aims to bridge blockchain technology with the existing financial systems of the world.”
Funds from the Series A round will be used to add new products to BlockFi’s existing platform.