BlockFi, a provider of digital asset solutions, formally announced the closure of a $50 million Series C to be used for wealth management and digital asset investment initiatives.
What Happened: On the heels of two other funding rounds in the past 12 months, BlockFi, as part of a vision to expand its ecosystem of customer-centric digital asset solutions, secured funds from Morgan Creek Digital, Winklevoss Capital and Matthew Dellavedova, among others.
Overall, the funding will help BlockFi enter into new lines of business and release a bitcoin rewards-based credit card and support for additional assets and currencies.
"BlockFi's platform offers investors unparalleled capabilities in the digital asset ecosystem,” said Anthony Pompliano, Co-Founder and Partner at Morgan Creek Digital.
“We're excited to back this world-class team as they continue to add new products and expand into incremental areas that are disrupting traditional finance.”
Why It Matters: 2020 was one of the best for BlockFi; the company saw revenue grow ten-fold, putting it on pace to reach $100 million.
“The past twelve months at BlockFi have been nothing short of amazing, and if anything, is a testament to the staying power of bitcoin and other digital assets,” said Zac Prince, CEO and Co-Founder, BlockFi.
“With the support from our investors, we’re creating a platform for investors where they aren’t investing in just digital assets anymore—they’re investing in the future, greater financial empowerment and accessibility.”
To learn more about BlockFi, click here.