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BlockFi, the leading crypto-to-USD lender, today announced $4 million in convertible debt investments led by Akuna Capital with participation from Susquehanna Government Products, LLLP, CMT Digital, Recruit Strategic Partners, Galaxy Digital Ventures, Morgan Creek Digital and Devonshire Investors, the private equity group affiliated with FMR LLC, the parent company of Fidelity Investments. This funding round will go towards team growth and the launch of new products, including an interest-earning crypto savings account, a portfolio line-of-credit and crypto-backed credit cards. The company plans to launch the savings account in Q1 2019.
“The BlockFi team is providing a critical piece of financial services infrastructure in the crypto space,” said Toby Allen, head of digital assets at Akuna Capital. “Companies like BlockFi are representative of the high-quality development that will facilitate continued consumer adoption.”
BlockFi offers the lowest interest rates and most flexible product in the crypto-to-USD lending market. This tokenless approach to crypto-backed lending has made them the most compliant debt services provider in the industry, leading to BlockFi being the only one of such companies to receive institutional funding and support.
“We believe debt and credit markets in the crypto space will continue to grow and BlockFi is well-positioned to maintain its leadership position as the market expands,” said Dean Carlson, head of digital asset investments at Susquehanna.
“We’re thrilled to have such a strategic group of investors supporting our efforts to bring low-cost credit to crypto market participants,” said Zac Prince, CEO of BlockFi. “Our pragmatic approach to fundraising and team building has enabled us to continue growing through negative market conditions. We are excited to execute on plans to bring new products to market and continue to add more value for our clients.”
BlockFi offers the ability to leverage cryptocurrency to obtain USD loans. The company currently services customers worldwide, including 46 U.S. states. BlockFi is the only crypto-backed lender with institutional backing from investors that include Galaxy Digital, Susquehanna, Akuna Capital, ConsenSys Ventures and SoFi. Learn more about their products, company and team at BlockFi.com.
Brad Michelson, Director of Growth & Customer Acquisition
BlockFi Lending LLC