Altcoins, Cryptocurrency

Investor Takes Top Spot in $50M Investment in Crypto Lender BlockFi

With another seed round closing, BlockFi, an American crypto lender startup, ended having a lot of significant industry investors on their table.

Apart from this feat, the company has gone home with $50 million in a Series C round led by Anthony Pompliano’s crypto asset management firm Morgan Creek Digital.

Popular as Pomp, the first big wig is Morgan Creek’s co-founder Pompliano is joining BlockFi’s board of directors following the investment.

This appointment comes after Morgan Creek joined in all three of BlockFi’s funding rounds over the past 12 months.

This includes the $18 million Series A Round in August 2019 and the and another $30million Series B Round in February 2020. are luminaries, and some include \d BlockFi investors like Winklevoss Capital, venture capital fund Valar Ventures, and CMT Digital. Other participating investors included Castle Island Ventures, SCB 10X, Avon Ventures, Purple Arch Ventures, Kenetic Capital, HashKey, and

NBA player Matthew Dellavedova.

With this news, new funding comes off despite BlockFi seeing a 10-fold revenue increase over the past year. The company now has $100 million in revenues over the past year, while managed assets account for more than $1.5 billion to date, BlockFi’s representatives said.

Identical to the previous funding round announcements, BlockFi captured and analyzed all funds to be used to grow further the company as well as the upcoming release Bitcoin Reward card. In early 2020, BlockFi told its plan to reposition it as the “world’s first ever crypto-rewards credit card.”

This will join the rank of other rewards app like Lolli.

BlockFi shortly would want to have cashback in crypto transactions, expected to arrive in 3-4 months.

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