Copy link
Increase text size
Decrease text size
Link copied

BlockFi scores $18.3M investment led by Peter Thiel co-founded Valar Ventures

Image Credit: BlockFi Twitter

Wed, 07 Aug 2019, 03:38 am UTC

Crypto lending firm BlockFi has secured $18.3 million in a Series A funding, spearheaded by Valar Ventures.

Valar Ventures, one of the three venture funds founded in part by Paypal co-founder Peter Thiel, was joined by Winklevoss Capital, Galaxy Digital, ConsenSys Ventures, Akuna Capital, Avon Ventures, Susquehanna, CMT Digital, Morgan Creek, and PJC.

As per its announcement, the funding will be used to roll out new financial products and expand internationally to reach a wider mainstream audience. Currently, BlockFi offers lending and paying interest on deposited bitcoin, stablecoin, and ether.

Outside of all the hype and volatility of the crypto trading markets, there are teams, like BlockFi, that are building the infrastructure to allow investing in digital assets to become mainstream,” James Fitzgerald, Valar Ventures’ General Partner, said. “We are excited to help BlockFi build robust ‘pick and shovels’ for this emerging asset class.”

BlockFi CEO Zac Prince told The Block that the capital will also be allocated to expand the firm’s headcount, with a target to grow to approximately 60 by the end of 2019. He also noted that the latest move marks Valar’s first foray into the crypto space.

Prince also shared BlockFi’s three-phase roadmap and revealed the firm is gearing to move into phase 2, which will include the launch of a bitcoin rewards credit card and complement its current crypto loan and savings account products. Phase 3 covers company expansion to other markets, like Latin America.

In July 2018, BlockFi clinched a whopping $52.5 million investment, led by Mike Novogratz’ Galaxy Digital Ventures.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

  • Bitcoin (btc) $20,089.00 (-3.06%)
  • Ethereum (eth) $1,532.84 (-3.30%)
  • BNB (bnb) $376.56 (+12.01%)
  • USD Coin (usdc) $0.999629 (-0.04%)
  • Binance USD (busd) $0.993850 (-0.82%)
  • Bitcoin (btc) $20,089.00 (-3.06%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.