BlockFi, a cryptocurrency lending startup, has managed to rake in $18.3 mln during Series A funding round, which was led by Peter Thiel’s Valar. Mike Novogratz’s Galaxy Digital, Winklevoss Capital, and ConsenSys are among other big names that decided to put their money into the company.
Future expansion plans
Following its successful funding round, BlockFi is planning to hire more employees in order to have a 60-strong team by the end of 2019, its CEO Zac Prince told Bloomberg.
US-based BlockFi will also focus on expanding its global reach by venturing into additional markets. Back in April, the company made a foray into India.
Valar’s co-founder Andrew McCormack particularly praised BlockFi for its ‘old meets new’ approach.
What’s very interesting about BlockFi is how they are bringing traditional financial services to this world,” said McCormack.
In 2018, BlockFi also received $50 mln from Galaxy Digital to fund its crypto-backed loans.
Lending USD for crypto
U.Today reminds its readers that BlockFi acts as a non-bank lender that allows its clients to take USD loans that are collateralized with cryptocurrencies. A minimal amount of a deposit is set at $20,000.
BlockFi customers can also use its savings account and receive an appetizing annual interest that can reach 6.2 percent. However, the firm has a history of cutting rates.