Crypto lending platform BlockFi is working towards raising $150 million at a pre-money evaluation of $2.85 billion.
Pre-money valuation refers to how much the company is valued at before the latest round of funding.
Rolling crypto products
The cryptocurrency lending platform is seeking to raise $150 million ahead of the launch of its bitcoin rewards credit card.
BlockFi CEO Zack Prince explained last year that the credit card product is the first of its kind in a market filled bitcoin reward debit cards.
“A lot of the debit cards that exist in the crypto ecosystem are the kind that are oriented around this idea of spending your crypto, which at least clients at BlockFi are not interested in doing. They want to hold their bitcoin and earn a yield on it,” said Prince.
Apart from borrowing cash, buying, and selling their crypto, users can earn interest up to 8.6% APY on their cryptocurrencies. Individuals can apply for BlockFi’s Bitcoin Rewards Credit Card. The platform’s
Prince said they won’t disclose what they are planning to do in the future.
“We’re not announcing what we’re going to do in year two yet. “We intend – like we’re doing in year one – to make it as much of a no-brainer decision as we can for folks to hold the card,” said Prince.
Funding
The cryptocurrency lending platform raised $50 million in a Series C funding round led by Morgan Creek Digital. Other participants included Vala Ventures, Avon Ventures, Winklevoss Capital, Castle Island Ventures, and more.
Morgan Creek co-founder and partner Anthony Pompliano joined the startup’s board of directors.
“We’re excited to back this world-class team as they continue to add new products and expand into incremental areas that are disrupting traditional finance, said Pompliano at the time.
Six months earlier, the firm secured $30 million in Series B funding. They scored $18.3 million in Seris A funding in 2019.
BlockFi has raised approximately $158.7 million in nine funding rounds.
A good time to raise capital
The startup is raising at a time when a number of traditional companies and Wall Street banks are giving attention to the crypto industry.
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