US-based cryptocurrency product developer BlockFi has received $30m in series B funding from investors including CMT Digital, a subsidiary of marketing technology producer CM Group.
Venture capital firm Valar Ventures led the round, which also featured Morgan Creek Digital, trading firm Akuna Capital, Avon Ventures, Castle Island Ventures, Arrington XRP Capital, Purple Arch Ventures, Kenetic Capital, PJC, Winklevoss Capital and HashKey Capital.
Founded in 2017, BlockFi provides a range of crypto products designed to be compatible with each other, including crypto-based interest accounts, commission-free crypto trading and crypto-backed loans.
The company will put the series B cash into increasing headcount, as it looks to introduce a mobile app intended to herald a move into more mainstream-focused products. It is also preparing to open a Singapore office this year.
Flori Marquez, co-founder and vice-president of operations for BlockFi, said: “For most people, cryptocurrencies are something out of speculative fiction. Adoption of these assets is limited by the average consumer’s ability to understand how to use them.
“We have demonstrated that we can build financial products around cryptocurrency that can look and feel like the apps you already have on your phone, and we are well-positioned to drive mainstream adoption.”
BlockFi has now raised more than $110m in total, having pulled in approximately $1.6m in seed capital from Consensys Ventures, the investment arm of blockchain software provider Consensys, in addition to online lending platform SoFi, Purple Arch Ventures, PJC, Kinetic Capital and Lumenary in early 2018.
Galaxy Digital Ventures led a $52.5m round for the company later the same year, investing with Consensys and PJC.
Akuna Capital then led a $4m convertible note round that included Recruit Strategic Partners, a subsidiary of human resources firm Recruit, as well as CMT Digital, Galaxy Digital Ventures, Morgan Creek Digital, Susquehanna Government Products and Devonshire Investors in December.
BlockFi subsequently secured $18.3m in an August 2019 series A round led by Valar Ventures and backed by CM Group, ConsenSys Ventures, Akuna Capital, Winklevoss Capital, PJC, Galaxy Digital, Avon Ventures, Morgan Creek and quantitative trading firm Susquehanna International Group.
