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BlockFi

From EverybodyWiki Bios & Wiki



BlockFi
Private
ISIN🆔
IndustryCryptocurrency
Founded 📆August 2017; 8 years ago (2017-08)
Founders 👔Zac Prince
Flori Marquez
Headquarters 🏙️,
New Jersey
,
United States
Area served 🗺️
Products 📟 Bitcoin, Ethereum, Litecoin, Paxos Standard, PAX Gold, Tether, USD Coin, Stablecoins
💎 AUM$4 billion (2020)[1]
Members
Number of employees
305 (2020)[2]
🌐 Websiteblockfi.com
📇 Address
📞 telephone

BlockFi is a full-service investment platform for cryptocurrency. It was founded in 2017 by Zac Prince and Flori Marquez. The fintech company offers crypto-based interest accounts, crypto-backed USD loans, and trading. As of 2020, BlockFi services clients in more than 100 countries and in all 50 U.S. states.[3]

History

BlockFi was founded in August 2017 by Zac Prince and Flori Marquez.

2018

In January 2018, the company launched crypto-backed loans to U.S. residents in select states.[4] The following month, BlockFi raised $1.55 million in seed funding from ConsenSys Ventures, SoFi and Kenetic Capital.[5]

In July 2018, BlockFi raised a $52.5 million venture round from Mike Novogratz’s venture capital firm Galaxy Digital.[6] In October the same year, BlockFi launched support for lending to international customers.[7] In December the same year, BlockFi received $4 million in convertible debt investments led by Akuna Capital.[8]

2019

In March 2019, BlockFi began providing crypto-based interest accounts.[9]

In August 2019, BlockFi raised $18.3 million in Series A financing led by Peter Thiel’s Valar Ventures.[10]

In October 2019, BlockFi Institutional Services launched, providing “market-makers, funds, exchanges, and family offices access to enterprise-grade financing solutions for digital assets”.[11]

In December 2019, BlockFi launched its own cryptocurrency trading platform.[12]

2020

In February 2020, BlockFi raised $30 million in Series B funding led by Peter Thiel’s Valar Ventures.[13] In March 2020, BlockFi added support for Paxos Standard (PAX).

In April 2020, BlockFi brought on Three Arrows Capital as a strategic investor.[14]

In May 2020, BlockFi suffered a data breach, but no customer funds were compromised.[15]

In August 2020, BlockFi raised $50 million in a Series C round led by Anthony Pompliano’s Morgan Creek Digital.[16] In September 2020, BlockFi added support for Pax Gold and Tether.[17]

On October 27 2020, BlockFi announced it had acquired more than 5% of Grayscale Bitcoin Trust (GBTC) shares, filing a Schedule 13G with the Securities and Exchange Commission (SEC).[18]

In December 2020, BlockFi announced the launch of the world’s first Bitcoin Rewards Credit Card in partnership with Visa Inc.[19] On December 9 2020, Fidelity Digital Assets and BlockFi announced a new offering that allows clients to use their Bitcoin in custody accounts at Fidelity Digital Assets to borrow USD from BlockFi.[20]

As of December 2020, BlockFi had more than $4 billion in assets under management.[21]

Products and services

Retail

BlockFi offers a suite of retail products including crypto-based interest accounts providing an annual percentage yield, loans collateralized by crypto allowing investors to access liquidity in USD, and digital currency trading.[22]

Institutional

BlockFi Institutional Services provides bespoke financing solutions that allow institutional clients to access crypto for trading and hedging their positions.[23]

References

  1. ↑ Copeland, Tim. "Bitcoin Lending Services Exploded in 2020: Here's Why". Decrypt. Retrieved 8 January 2021.
  2. ↑ "BlockFi". LinkedIn. Retrieved 29 December 2020.
  3. ↑ Khatri, Yogita. "Crypto lender BlockFi now supports cash transfers via Silvergate Bank". The Block. Retrieved 7 January 2021.
  4. ↑ Macheel, Tanaya. "BlockFi's CEO on Why the Lending Company is Launching a Deposit Account". Cheddar. Retrieved 7 January 2021.
  5. ↑ Milano, Annaliese. "Crypto Asset Lending Startup BlockFi Raises $1.55 Million". CoinDesk. Retrieved 7 January 2021.
  6. ↑ Baydakova, Anna. "BlockFi Raises $52.5 Million in Round Lead by Novogratz's Galaxy Digital". CoinDesk. Retrieved 7 January 2021.
  7. ↑ "BlockFi Announces Global Expansion of Its Crypto-Backed Loan Services". Nasdaq. Bitcoin Magazine. Retrieved 7 January 2021.
  8. ↑ Hurst, Samantha. "Crypto Lender BlockFi Secures $4 Million in Convertible Debt Investments Led By Akuna Capital". Crowdfund Insider. Retrieved 7 January 2021.
  9. ↑ Levine, Matt. "Borrowing Bitcoins Could Get Awkward". Bloomberg. Retrieved 7 January 2021.
  10. ↑ Loizos, Connie. "BlockFi, which lends money to cryptocurrency holders, just raised $18.3 million led by Valar Ventures". TechCrunch. Retrieved 7 January 2021.
  11. ↑ Capelj, Renato. "BlockFi Now Caters To Institutional Trading, Hedging". Benzinga. Retrieved 7 January 2021.
  12. ↑ Baydakova, Anna. "Crypto Lender BlockFi Rolls Out Zero-Fee Trading for Bitcoin, Ether, GUSD". CoinDesk.
  13. ↑ DiCamillo, Nathan. "Bitcoin Lender BlockFi Raises $30M in Series B Led by Peter Thiel's Valar Ventures". CoinDesk. Yahoo Finance. Retrieved 7 January 2021.
  14. ↑ Anzalone, Robert. "Three Arrows Capital Invests In BlockFi After Its Series B Round". Forbes. Retrieved 7 January 2021.
  15. ↑ Chaparro, Frank. "BlockFi says it suffered a data breach, but no customer funds were lost". The Block. Retrieved 7 January 2021.
  16. ↑ Hajric, Vildana. "Thiel-Backed Valar Among Latest BlockFi Financing Participants". Bloomberg. Retrieved 7 January 2021.
  17. ↑ Acheson, Noel. "Crypto Long & Short: What Investors Get Wrong About Volatility (and Not Just for Crypto)". CoinDesk. Retrieved 7 January 2021.
  18. ↑ Weiss, Miles. "BlockFi Acquires $379 Million Stake in Grayscale Bitcoin Trust". Bloomberg Law. Retrieved 7 January 2021.
  19. ↑ White, Alexandria. "Visa backs the first-ever credit card to offer bitcoin rewards". CNBC. Retrieved 7 January 2021.
  20. ↑ Kharif, Olga; Leising, Matthew. "Fidelity Digital to Hold Bitcoin as Collateral for Cash Loans". Bloomberg. Retrieved 7 January 2021.
  21. ↑ Copeland, Tim. "Bitcoin Lending Services Exploded in 2020: Here's Why". Decrypt. Retrieved 7 January 2021.
  22. ↑ Hall, Christine. "BlockFi Raises $50M To Expand Crypto Currency Offerings". Crunchbase News. Retrieved 7 January 2021.
  23. ↑ Manning, Landon. "BlockFi Introduces Institutional Services For Digital Assets". Bitcoin Magazine. Retrieved 7 January 2021.

External links

Category:Bitcoin companies


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