Cryptocurrency-lending startup BlockFi has secured $30 million from an array of investors, including Morgan Creek Digital, Winklevoss Capital and Arrington XRP Capital.
The Series B funding round was led by United States-based capital fund Valar Ventures, with participation of Akuna Capital, CMT Digital, Avon Ventures, Castle Island Ventures, Purple Arch Ventures, Kenetic Capital, and Hong Kong-based HashKey Capital, among others, according to a Feb. 13 announcement shared with Cointelegraph.
With a view to launch products for mainstream
With the raised funds, BlockFi — whose users can earn compound interest on and trade loans backed by assets — now has more than $650 million in assets on the platform. The company is planning to allocate the secured funds to the enhancement of its staff and expansion of its offerings.
BlockFi hinted in the release that it will roll out products accessible to a mainstream audience, starting with a mobile app in the coming months. A spokesperson for BlockFi told Cointelegraph that in addition to launching the mobile app — which will integrate user bank accounts directly to BlockFi, — the company is looking to roll out “the world’s first ever crypto-rewards credit card”. BlockFi further added:
“We believe that the credit card will be a complete game changer in the crypto space. In terms of offering a rewards credit card, it will encourage our clients to invest and earn money in the long term, in the form of bitcoin.”
Speaking about products that had the most notable impact on the company’s recent growth,