BlockFi, a crypto-financial services company, has completed its $350 million Series D round that gives it a valuation of $3 billion amidst the ongoing cryptocurrency boom.

Just last August, the startup raised $50 million in Series C at a $450 million valuation.

The enthusiasm from the investor not only reflects the company's strong business growth but also “broader conviction in cryptocurrencies as an asset class,” the company said.

The latest funding round was led by new investors, including Bain Capital Ventures, Tiger Global, partners of DST Global, and Pomp Investment. Stefan Cohen, Partner at Bain Capital Ventures said,

“We are in the early innings of retail and institutional crypto adoption; as demand grows, we see an enormous opportunity for crypto companies to offer a suite of sophisticated, scalable financial services to engage and empower clients.”

Existing backers Jump Capital, Paradigm, Breyer Capital, Valar Ventures, Susquehanna Government Products, and others also joined in.

Founded in 2017 by Zac Prince, who has a background in consumer lending, and Flori Marquez, the firm caters to both retail and institutions. Clients can buy and sell crypto assets directly on the platform, earn a yield on their crypto holdings – 6% on Bitcoin, 8.6% on stablecoins, and get low-cost loans secured by the value of their crypto portfolio. Prince said,

“In less than six months since we completed our Series C, Bitcoin and other digital assets have assumed a central role in many investors’ portfolios and in broader financial markets.”

“Our conviction that digital assets are the future of finance has been vindicated by our client base, which grew 10 times year over year in 2020 and has more than doubled since the end of 2020.”

BlockFi has grown its client base from 10,000 at the end of 2019 to current 265,000 funded retail clients and over 200 institutional clients. The company has lent more than $10 billion to its retail, corporate and institutional clients.

Over the past year, the firm has grown so much that the number of assets on its platform increased to $15 billion from $1 billion last March with a 0% loss rate since inception. As its monthly revenue crosses $50 million, up from just $1.5 million a year prior, so has the headcount from 100 to about 530 people in a year.

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