Description
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.
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. The following month, BlockFi raised $1.55 million in seed funding from ConsenSys Ventures, SoFi and Kenetic Capital.
In July 2018, BlockFi raised a $52.5 million venture round from Mike Novogratz’s venture capital firm Galaxy Digital. In October the same year, BlockFi launched support for lending to international customers. In December the same year, BlockFi received $4 million in convertible debt investments led by Akuna Capital.
2019
In March 2019, BlockFi began providing crypto-based interest accounts.
In August 2019, BlockFi raised $18.3 million in Series A financing led by Peter Thiel’s Valar Ventures.
In October 2019, BlockFi Institutional Services launched, providing “market-makers, funds, exchanges, and family offices access to enterprise-grade financing solutions for digital assets”.
In December 2019, BlockFi launched its own cryptocurrency trading platform.
2020
In February 2020, BlockFi raised $30 million in Series B funding led by Peter Thiel’s Valar Ventures. In March 2020, BlockFi added support for Paxos Standard (PAX).
In April 2020, BlockFi brought on Three Arrows Capital as a strategic investor.
In May 2020, BlockFi suffered a data breach, but no customer funds were compromised.
In August 2020, BlockFi raised $50 million in a Series C round led by Anthony Pompliano’s Morgan Creek Digital. In September 2020, BlockFi added support for Pax Gold and Tether.
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).
In December 2020, BlockFi announced the launch of the world’s first Bitcoin Rewards Credit Card in partnership with Visa Inc. 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.
As of December 2020, BlockFi had more than $4 billion in assets under management.
