BlockFi, which lends money to cryptocurrency holders, just raised $18.3 million led by Valar Ventures
BlockFi is announcing $18.3 million in Series A funding led by Peter Thiel's Valar Ventures, with participation from Winklevoss Capital, Morgan Creek Digital, Akuna Capital and earlier backers Galaxy Digital Ventures and ConsenSys Ventures.
According to founder Zac Prince, who talked with Bloomberg about BlockFi’s newest round, enough people are now using those loans that BlockFi has seen its monthly revenue grow more than 10 times since January.
BlockFi already introduced a savings account product earlier this year that it says enables investors to earn interest on their assets.
Other companies providing crypto-backed loans that are issued in fiat currencies include CoinLoan, SALT Lending, Nexo.io and Celsius Network, among others.