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BlockFi Funding: How much money has BlockFi raised?

BlockFi has raised a total of $508.7M, valuing the young company at $3 billion.

Most recently, BlockFi raised its lion's share of funding in a $350M Series D, led by new investors such as Bain Capital Ventures, Pomp Investments, Tiger Global, and partners of DST Global. In a press release, BlockFi noted it plans to use the inflow of capital to explore further innovation in its product suite, accelerate new market expansion, and potentially fund new acquisition opportunities.

BlockFi raised $50 million in its Series C led by Morgan Creek Digital, with participating investors such as Valar Ventures, Winklevoss Capital, Kenetic Capital, CMT Digital, Castle Island Ventures, SCB 10X, HashKey, Avon Ventures, Purple Arch Ventures, Michael Antonov, NBA player Matthew Dellavedova, and two university endowments.

Prior to its recent Series C, BlockFi raised $18.3 million in Series A funding led by the Peter Thiel-backed Valar Ventures with participation from Winklevoss Capital, Galaxy Digital, ConsenSys Ventures, Akuna Capital, Avon Ventures, Susquehanna, CMT Digital, Morgan Creek, and PJC.

BlockFi has also raised earlier rounds by SoFi and Purple Arch Ventures.

The team notes that they anticipate raising additional capital in the future to facilitate continued product development and rapid growth.

BlockFi's revenue has grown 10x over the past year, putting it on track to reach $100M in revenue over the next year. With over $1.5B in assets on the platform, and a 0% loss rate across its lending portfolio, BlockFi has made a strong case for establishing itself as a dominant entity in the overarching emerging FinTech space.

The company currently has over 265,000 retail and 200,000 institutional clients, and has reported a monthly revenue of $50m in 2021, compared to $1.5m monthly revenue in 2020.

BlockFi Interest Account and BlockFi Interest Rates

The BlockFi interest rates are fairly competitive, especially when compared to simply keeping your cryptocurrency on an interest-free exchange or wallet.

• Bitcoin: Users can earn up to 6% in annual interest on deposits under 2.5 BTC, and 3% on any BTC amount above that 3 BTC threshold.
• Ethereum: Users can earn up to 5.25% in annual interest on any ETH deposits.
• Litecoin: Users can earn up to 6.5% in annual interest on all deposits.
• Chainlink: 5.5% on any deposit amount.
• Gemini Dollars: Users can earn 8.6% interest on their GUSD deposits.
• USDC Dollars: Users can earn 8.6% interest on their USDC deposits.
• PAX: Users can earn 8.6% interest on their PAX deposits.
• PAXG: Users can earn 5% interest on their PAXG deposits.
• USDT: Users can earn 9.3% interest on their USDT deposits.
• BUSD: Users can earn 9.3% interest on their USDT deposits.

The interest rates are paid in their nominal cryptocurrency. For example, you will earn 0.06 BTC on 1 BTC in a full year, provided the interest rate stays the same. If you've been in the cryptocurrency space for a while you're no stranger to the pros and cons of owning a volatile asset- your 0.06 BTC could either be more or less than its USD equivalent at the time of deposit, so plan accordingly.

However, earning 8.6% on a stablecoin such as Gemini Dollar eliminates some of the volatility risks. $10,000 in GUSD will earn you $860 in GUSD for the full year, and since it's pegged to the U.S. Dollar, you won't have to be concerned about its price being drastically different (provided something catastrophic doesn't happen to Gemini or its GUSD.)

Please note that BlockFi charges flat withdrawal fees. which are subtracted from the total withdrawal amount. Users get 1 free withdrawal per month.

How Does BlockFi Make Money?

BlockFi is a spread business that makes money by borrowing capital at a certain rate (the interest rates it pays to users) and lends it a higher rate (the interest rates it offers for BTC/ETH/GUSD loans). A BlockFi blog post notes that the company primarily works with institutional counter-parties to offer them liquidity. These borrowers consist of:

• Traders and investment funds that seek arbitrage trading opportunities in a fragmented marketplace. They borrow cryptocurrency to close mispricing gaps between exchanges or dispersed markets. Margin traders will borrow to fuel their trading strategies.
• Over the counter (OTC) market makers that connect buyers and sellers that prefer not to transact over public exchanges, often at a steep mark-up. These parties need to keep cryptocurrency inventory on-hand to meet demand. Since owning the cryptocurrency is very capital intensive and bears the risks of price volatility, OTC market makers will borrow from lenders such as BlockFi to facilitate their needs.
• Other businesses that need an inventory of cryptocurrency to provide their clients with liquidity. This category includes businesses such as cryptocurrency ATMs that keep the majority of their cryptocurrency assets in cold storage and need some level of liquidity to function on a daily basis.

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