Crypto lender and financial services firm Block Fi has garnered roughly $50 million in funding through a Series C funding round. The event was led by venture capital companies such as Morgan Creek Digital and brings its recently raised funds to more than $80 million after a series B round garnered the company as much as $30 million.
Block Fi Is Headed to New Heights
Bitcoin appears to be growing in popularity as of late, with the price of the asset spiking to new heights and briefly surpassing the $12,000 mark. Some of the other companies and enterprises to take part in the series funding round include Castle Island Ventures, Winklevoss Capital, Avon Ventures, Purple Arch Ventures and CMT Digital.
Anthony Pompliano – co-founder and partner at Morgan Creek Digital – expressed his joy and excitement over the event and his pride that the company could garner so much financial assistance through Morgan Creek’s help. In a statement, he mentioned:
Block Fi’s platform offers investors unparalleled capabilities in the digital asset ecosystem. 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.
Aside from the price spikes bitcoin’s been garnering, people also seem to be trusting it more and have completely changed their view of the asset. At one time, bitcoin was viewed as purely speculative, a tool that could potentially make a person rich in a short period. Now, however, the asset is looked at more as a “safe haven” – something that could potentially hedge a person’s wealth and protect their portfolio from potential inflation and other economic hazards.
This sentiment is growing due to the recent coronavirus pandemic, which has dealt a huge blow to the U.S. dollar and several other forms of fiat across the world. It’s unfortunate that it took a serious health crisis for people to see bitcoin as the incredibly powerful financial tool many traders and analysts have always known it to be.
Block Fi has garnered more than $100 million in funding over the past year and now has more than $1.5 billion total assets. Zac Prince – CEO and co-founder of the company – explained in an interview:
The past 12 months at Block Fi have been nothing short of amazing, and if anything, is a testament to the staying power of bitcoin and other digital assets.
A Big and Boisterous Future
Flori Marquez – SVP of operations and co-founder of Block Fi – also weighed in on the present situation:
Bitcoin, ether, digital assets, cryptocurrency, blockchain – words that years ago were considered a pipedream and now more acceptable investment options to safeguard wealth at a time when traditional market performance doesn’t even make sense to analysts. We’re a driving force bringing cryptocurrencies mainstream, and I can’t wait to see how the market is going to respond to what we’re working on next.