BlockFi startup doubles monthly earnings amid global crisis



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BlockFi startup doubles monthly earnings amid global crisis

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BlockFi, operating in the cryptocurrency lending market, has announced the attraction of investments from the asset manager of Three Arrows Capital. The latter was her client for a year.

📣 We are excited to welcome Three Arrows Capital as a new strategic investor.

The Singapore fund acquired a stake in BlockFi in the secondary market from investment company Able Partners.

According to The Block, the startup has doubled its monthly profit since closing the Series B financing round in February by $ 30 million. It was led by Peter Thiel Valar Ventures.

In 2019, BlockFi profits increased 20 times. Now, the startup offers an annual rate of 6% for deposits in bitcoin and 8.6% for deposits in stablecoins USDC and GUSD.

CoinDesk reports that loans for miners allowed to increase startup profit. BlockFi CEO Zack Prince emphasized that some lenders used to accept cryptocurrency mining equipment as collateral, but due to the pandemic, their attitude to risk changed. BlockFi never took such a risk, so miners preferred other service providers.

The company has 90 institutional clients, primarily market makers and trading firms.

Recall that in the past BlockFi raised $ 18.3 million as part of a Series A financing round, $ 52.5 million from Galaxy Digital crypto bank, $ 4 million from Fidelity and other players, as well as $ 1.55 million from ConsenSys Ventures, SoFi and Kenetic Capital.

The startup investor is also Coinbase Ventures.

BlockFi startup doubles monthly earnings amid global crisis



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