Cryptocurrency firm BlockFi has successfully received $30 million in a new funding round. The series B funding was announced recently, from a wide range of investors.
The funding round was led by Peter Thiel’s Valar Ventures. Other participants were some of the company’s older funders including PJC, Morgan Creek Digital, Akuna Capital, Winklevoss Capital, CMT Digital and Avon Ventures.
The Series B also had a few new participants. They include Arrington XRP Capital, HashKey Capital, Purple Arch Ventures, Castle Island Ventures, and Kenetic Capital.
Speaking on the new funding, BlockFi CEO Zac Prince said that the new funding will allow the company to spread its wings and do more for itself. Prince said:
“We decided to opportunistically raise the series B to expand the balance sheet and give ourselves the ability to invest in the things we’re doing this year.”
BlockFi plans to do a lot more to cater to regular mainstream customers. The company is also somewhat banking on its partnership with HashKey based in Hong Kong. It hopes to use HashKey to also enter Singapore and possibly spread its tentacles throughout the general Asia Pacific (APAC) region. Part of its plan is to produce a mobile app that will allow customers to send wire transfers.
In December last year, BlockFi received a money transmission license (MTL) in Washington to allow residents access to interest-bearing crypto accounts.
Image Credits: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
