BlockFi, a wealth management startup for crypto-currency investors, announced it has raised new funding.
The startup raised $18.3 million in Series A funding led by Valar Ventures with participation from Winklevoss Capital, ConsenSys, Akuna Capital, Galaxy Digital, Avon Ventures, CMT Digital, Morgan Creek, Susquehanna and PJC. The new funding will be used to add new options to BlockFi’s existing platform.
The New York based BlockFi was the first company to receive institutional funding for crypto-backed loans, a $50 million lending facility from Galaxy Digital. The company’s second product enabled crypto-currency investors to earn interest on their assets and participate in the rapidly growing crypto-lending market.
“We’re excited to continue development at BlockFi that will bring us closer to our vision of a world where access to wealth-building financial products and services are not limited by geography or an individual’s net worth,” said BlockFi CEO and Founder Zac Prince in a statement. “Our talented team and strategic backers will continue to drive the crypto financial services infrastructure forward to facilitate adoption and value creation in the crypto ecosystem.”
Adds BlockFi co-founder Flori Marquez, “We differentiated ourselves since inception by focusing on building a compliance-focused platform that aims to bridge blockchain technology with the existing financial systems of the world.”