BlockFi Raises Another $50 Million, Bitcoin Rewards Credit Card Soon to Come

BlockFi announced that it has raised another $50 million led by Morgan Creek Digital ahead of the launch of a Bitcoin rewards-based credit card.

Morgan Creek Digital led BlockFi’s Series C funding round. Other participating investors include Valar Ventures – the lead investor in BlockFi’s Series A and B.

CMT Digital, Castle Island Ventures, Winklevoss Capital, SCB 10X, Avon Ventures, Purple Arch Ventures, Kenetic Capital, and HashKey also took part. The round also attracted backing from NBA player Matthew Dellavedova and two prestigious university endowments. 

As many turn to Bitcoin as an uncorrelated asset from equities and other commodities, BlockFi has capitalized on turbulent macroeconomic trends. 

BlockFi’s revenue has grown ten-fold over the past year, putting the company on pace to reach $100 million in revenue over the next 12 months. The company now boasts more than $1.5 billion in assets on the platform, with a 0 percent loss rate across its lending portfolio since inception.

According to CEO and co-founder Zac Prince, the platform offers investors a chance to invest in the future:

“The past twelve months at BlockFi have been nothing short of amazing, and if anything, is a testament to the staying power of bitcoin and other digital assets. With the support from our investors, we’re creating a platform for investors where they aren’t investing in just digital assets anymore—they’re investing in the future, greater financial empowerment and accessibility.”

Anthony Pompliano, co-founder and partner at Morgan Creek Digital, has also joined BlockFi’s Board of Directors.

My conversation with @BlockFiZac about their new $50M Series C is now on YouTube.

He shares metrics around their recent meteoric growth and how they plan to build a generation-defining business.https://t.co/fQcT4P9RoO

— Pomp