BlockFi Raises $52 Million for Cryptoasset-backed Loans

New York based –BlockFi, the leading cryptoasset to USD lender, announced today it has raised $52.5M to expand operations. Galaxy Digital Ventures LLC, a digital currency and blockchain technology investment firm founded by Mike Novogratz led the deal. This marks the industry’s first institutional investment in cryptoasset backed loans. BlockFi’s existing investors, which include ConsenSys Ventures and PJC, also participated in the funding round.

“We’re excited to partner with BlockFi and jointly lead the way for financial institutions to participate in crypto investing strategies,” said Mike Novogratz, Founder of Galaxy Digital Ventures LLC. “A robust lending market is the keystone for financial systems and BlockFi’s institutional approach and deep lending expertise were key drivers in our decision to partner with them.”

BlockFi is among cryptoasset lenders that pair the lowest rates for crypto-to-USD borrowing with institutional-quality benefits. The company is the lender with the most state lending licenses in the country because it has invested heavily in a robust legal and compliance approach.

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