Today, there are many indicators that blockchain technology is the future. Bitcoin has just surpassed the $60k mark, and blockchain startups are rising astronomical amounts in funding. One of the most notable of these trends is BlockFi, a crypto lending platform, that announced that it had raised $350 million in a Series D funding round which has pushed its valuation to $3 billion.
The money was raised by well-known investors like Morgan Creek Digital, Paradigm, Valar Ventures, and Kenetic. BlockFi has stated that the raised funds will be used for innovation, acquisitions, and more exponential expansion into new markets.
This is not the first time that BlockFi is recording a positive reception from investors. Back in 2020, it raised more than $50 million in its series C funding round. The money was raised from several top crypto investors, among them Morgan Creek. At the time, the DeFi project also made Morgan’s Creek’s co-founder, Anthony Pompliano, a board member.
Commenting on the latest funding round, BlockFi CEO and co-founder, Zac Prince, stated that the company was fully convinced that digital assets are the future. He cited the 10X growth in their clientele within a year as one of the justifications for his claim. Prince also added that digital assets are increasingly becoming the choice asset as hedge against inflation and the government’s expansionary monetary policies.
The funding is a massive validation for BlockFi after the company suffered a hacking attack that spammed the signup page with thousands of racist emails.