BlockFi Raises $350 Million

BlockFi has closed on a $350 million Series D funding that values the company now at $3 billion. BlockFi is a financial services company for crypto market investors that offers a retail and institutional-facing suite of products. On the retail side of its platform, people can use its mobile app to earn a yield on their crypto holdings, buy and sell crypto and get low-cost loans secured by the value of their crypto portfolio. Specifically, clients can buy and sell digital assets (from Bitcoin, Ethereum and Link to Litecoin, PaxG and multiple stablecoins) directly on BlockFi. The startup is also a lender and provider of trade execution services to institutions participating in digital asset markets. Since the end of 2019, BlockFi has seen its client base grow from 10,000 to more than 225,000. Today, BlockFi has 265,000 funded retail clients and over 200 institutional clients.