Leading cryptocurrency management platform, BlockFi, has recently completed its Series D round of funding, where it raised $350 million from a host of top institutional investors, including Paradigm and Morgan Creek Digital.
According to an official blog post published on Thursday, the $350 million investment round was co-led by Anthony Pomliano’s investment firm, Pomp Investments, Bain Capital Ventures, and Tiger Global.
This Series D round of funding has brought the company’s valuation to $3 million. The funds will be utilised to facilitate BlockFi’s expansion into new markets, provision of capital for select acquisition opportunities, and innovation of new products.
BlockFi’s ultimate goal is to bridge the gap between cryptocurrencies and traditional financial products. The just-completed funding round is a clear indication that investors are becoming increasingly interested in cryptocurrencies.
The Series D round raised about $200 million more than what the company had reportedly been anticipating getting. This massive display of interest indicates that both individual and institutional investors recognise the disruptive potential of cryptocurrencies and are looking for various avenues to join the crypto trend.
Speaking on the funding, BlockFi’s CEO, Zac Prince, said,
” In less than six months since we completed our Series C, bitcoin and other digital assets have assumed a central role in many investors’ portfolios and in broader financial markets. Our conviction that digital assets are the future of finance has been vindicated by our client base, which grew 10X year-over-year in 2020 and has more than doubled since the end of 2020.”
He added, ” Digital assets will continue to democratize finance, serve as a hedge against inflation and expansionary monetary policy, and promote innovation in financial technology and accessibility to financial services.”
Among those who participated in the funding were Kenetic, CMS Holdings, Morgan Creek Digital, Paradigm, Bracket Capital, and many more.
Anthony Pomliano gave his thoughts on the funding round, saying,
” These financial products are essential to accelerating the adoption of bitcoin and cryptocurrencies. As BlockFi continues to grow, my expectation is that this will become one of the most important companies in global finance in the coming years.”
In another report, crypto merchant bank, Galaxy Digital, co-led a $25 million funding round in the Singapore-based crypto startup, Terraform Labs.
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