Digital asset platform BlockFi continues to boost its executive branch following a significant funding round where the company raised $50 million.
According to a release, BlockFi has hired Tony Lauro as its new Chief Financial Officer (CFO). Lauro was most recently at Intermex where he has CFO as well – helping to take the company public in 2018. Prior to Intermex, Lauro served as the President and Chief Financial Officer of Cognical, Inc., where he worked alongside BlockFi Founder & CEO Zac Prince.
Lauro also held numerous roles over nine years at Capital One, including CFO of the Prime and Superprime credit card portfolios. From 2013 to 2016, he was the CFO of the Merchant Services division of JP Morgan Chase.
BlockFi says the hiring of Lauro is indicative of the company maturing and becoming more sophisticated. He is expected to accelerate BlockFi’s momentum in becoming a mainstream financial services provider.
Lauro issued the following comment:
“BlockFi is doing extraordinary work in bringing crypto to a wider audience of investors. The company is adding greater efficiencies to the flow of capital, and providing critical financial services for the fast-growing crypto market. I’m thrilled at the opportunity to work with Zac again, and to help BlockFi realize its tremendous potential while strengthening the company’s standing as a leader in the digital asset space.”
Prince said they were excited to have Lauro on the team:
“His wealth of experience across financial services will be a strategic asset for BlockFi as we continue to grow rapidly and expand our product suite.”
BlockFi’s digital asset platform offers clients crypto-based interest accounts that currently provide up to an 8.6% annual percentage yield on Bitcoin, Ether, and certain stablecoins. BlockFi offers crypto-backed loans allowing clients to access liquidity up to 50% of an asset’s value in USD; and zero-fee trading.
BlockFi reports that it currently holds over $1 billion in assets on its plaform. Importantly, the company adds that it has experienced a 0% loss rate across its entire loan portfolio since the company began lending. BlockFi says it is on track to generate over $50 million in revenue this year.