A crypto lending firm, BlockFi, announced on Tuesday that it has secured a $30 million Series B funding. The firm claims it would use the newly injected capital to expand both its product offering and geographic footprint.
According to BlockFi CEO, Zac Prince, the firm decided to opportunistically raise the Series B to expand the balance sheets and give it the ability to invest in their projects this year.
The Series B was led by Peter Thiel’s Valar Ventures with participation from companies which took part in the previous round, such as Morgan Creek Digital, PJC, Winklevoss Capital, CMT Digital, Akuna Capital and Avon Ventures. There were new investors on board which included Castle Island ventures, Purple Arch Ventures and HashKey Capital, among others.
Having Hong Kong-based HashKey as an investor, Prince said this will help BlockFi to expand into Singapore later in 2020. Though BlockFi has been providing services to customers in the region, this will be its first physical presence there.
Since the beginning of 2019, BlockFi has been providing fiat loans with Bitcoin and Ethereum as collateral. In March 2019, the firm launched a service that offers clients interest on their crypto, which the company loaned out to institutions. The firm plans to develop a mobile app and ability to send fiat wire transfers in the Q1 of 2020. It also plans to offer Automated Clearing House (ACH) payments in the next quarter. According to Prince, the firm also expects to double the size of its team by the end of 2020.
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