Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: Paha87 on July 25, 2018, 04:53:14 PM
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Credit platform based on cryptocurrency BlockFi attracted $ 52.5 million in a round of fundraising, which topped the Fund's Michael Novogratz Galaxy Digital.
BlockFi, which provides loans to individuals and companies using bitcoin and ether as collateral, plans to use the raised funds to develop businesses outside the US, as well as add support for the platform for more digital assets.
The startup offers services in 42 us States and operates similar to a traditional Bank: BlockFi has customer funds transferred as collateral and reports information about the loan payment. Currently, the company is seeking to expand its presence in other States and countries, as well as to add additional cryptocurrencies and new products.
BlockFi CEO Zach Prince said in an interview with Business Insider:
"New products may include fixed income investments and debt, credit lines and credit cards."
As part of this expansion, the company hired the former managing Director of Bank of America, rené van Kesteren, as its chief risk officer.
The latest round of funding follows BlockFi's previous fundraising, which raised $ 1.55 million from ConsenSys Ventures, SoFi, and Kenetic Capital. Managing partner of Consensys Kavita Gupta said earlier that she believes that the work of BlockFi can reduce volatility in the cryptocurrency market. Gupta said at the time:
"The crypto market needs access to debt outside of fragmented short-term margin trading options to reduce volatility, facilitate scaling, and put the financial infrastructure for this ecosystem on par with other asset classes."
Michael Novogratz, a billionaire investor known for his positive attitude towards bitcoin at the beginning of this year has collected $ 250 million for the Fund, Galaxy Digital, which is designed to trade and manage crypto assets and advising on the launch of the block chain.
Reference to the official source of information - https://altstake.io/news/startap-blockfi-privlek-525-mln