Blockfi, the crypto payment and bitcoin lending startup that bridges the gap between traditional finance and crypto has raised $350 million in a Series D funding round, taking their valuation over $3 billion. The funding round was lead by Bain Capital Ventures, partners of DST Global, Pomp Investments, and Tiger Global.
The crypto payment processor was valued at $450 million after the completion of the Series C funding round where it raised USD 50 million.
Zac Prince, CEO, and co-founder of BlockFi said,
our growth, the size of the industry, and as a result, the size of businesses that can be built in this industry. If you look at some of the constituents in the round, it’s a testament to increasing institutional adoption, and participation in the crypto ecosystem or crypto as an asset class by very high-quality and sophisticated institutional investors.
Crypto Companies Rises in Valuation
The rise in cryptocurrencies price this bull season along with growing demand from institutions and retail traders alike has propelled it to the mainstream. Amid the growing adoption of cryptocurrencies, the valuation of crypto companies has seen a significant rise as well, where the likes of Coinbase, Bakkt, and many other mining companies are set to make their public debut. The Coinbase crypto exchange has a pre-market valuation of $100 billion.
Many other crypto companies might join the growing trend of going public this year and their rising valuation and growing investment is proof of the mainstream market showing acceptance for these digital asset companies.
The growing demand for cryptocurrencies related products and services has not just helped crypto service providers to gain traction among mainstream financial giants, it has also forced traditional financial companies to start offering crypto services to meet growing clients’ demands. Many wall street hedge funds and commercial banks are actively looking to gain exposure to Bitcoin and Bitcoin-related products.