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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.
