BlockFi, a major US cryptocurrency loan startup, has closed another funding round with major industry investors.
The company raised $ 50 million in a Series C round led by Anthony Pomplano’s Morgan Creek Digital, the crypto asset manager, BlockFi announced on August 20.
Morgan Creek co-founder, also known as Pomp, will join BlockFi’s board of directors after the investment.
The appointment comes after Morgan Creek has participated in all three of BlockFi’s funding rounds over the past 12 months, including the $ 18 million Series A round in August 2019 and the Series B round of $ 30 million in February 2020.
Some BlockFi investors such as Winklevoss Capital, Valar Ventures and CMT Digital also participated in the financing round. Other participating investors include Castle Island Ventures, SCB 10X, Avon Ventures, Purple Arch Ventures, Kenetic Capital, HashKey and NBA player Matthew Delavedova.
As announced, the new financing comes amid BlockFi, which has seen revenue increase ten times over the past year. The company recorded $ 100 million in revenue last year, while assets under management have reached more than $ 1.5 billion so far, according to BlockFi representatives.
Similar to previous announcements of the funding round, BlockFi stated that the newly raised funds will be used to further grow the company in addition to the upcoming release of a Bitcoin (BTC) reward credit card.
BlockFi revealed plans for the card in early 2020, making it the “world’s first credit card with crypto rewards.” Similar to current crypto rewards apps like Lolli, BlockFi aims to offer global customers cashback in crypto like Bitcoin. The map is expected to be released in the third or fourth quarter of 2020. CEO Zak Prince claims that the cryptocurrency rewards for purchases in Fiat will be between 1.5% and 3%.