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- Peter Thiel, PayPal co-founder, and venture capitalist and investor have recently funded $30 Million to BlockFi to back Crypto trading and lending start-up.
- BlockFi started a new platform that enables accounts to hold interest, which will earn the investors interest in their Bitcoin, Ethereum, Litecoin, and many assets.
- BlockFi currently offers an interesting account, trading product, and crypto-backed loans.
Peter Thiel, PayPal co-founder, and venture capitalist and investor have recently funded $30 Million to BlockFi to back Crypto trading and lending start-up. Peter’s Valar Ventures invested the whole capital with Morgan Creek Digital, Avon Ventures, and Winklevoss Capital.
BlockFi reported that it would use the investment firms to grow its team and expand its product line. BlockFi is a New Jersey-based crypto and Blockchain start-up that aims to provide loans backed by cryptocurrency and digital assets.
The previous year, BlockFi started a new platform that enables accounts to hold interest, which will earn the investors interest in their Bitcoin, Ethereum, Litecoin, and many assets.
But the new feature welcomed unfavorable reviews saying such issue of interest backed on assets carries their significant risks with little to no regulatory conditions on the industry.
BlockFI’s co-founder and CEO Zac Prince says the company is doing impressively in the market and reports that the company’s revenue has gained by 20-fold since January of 2019. BlockFi currently offers an interesting account, trading product, and crypto-backed loans.
In a recent interview, Prince shared the regulatory concerns surrounding the company. The status of BlockFi is regulated like other traditional Financial Technology companies (FinTech).
The company is registered with the federal level for its money service business and has state-level regulatory clearance for lending licenses and money transfer licenses.
The high risk possessed is compensated with high yields against the savings account with FDIC insurance or a Traditional brokerage account with SIPC insurance says, Prince.
He also shared proudly that since the launch of BlockFi as a lending company in 2017, it hasn’t lost a single penny in the entirety of its business. BlockFi and its team are thinking about this year as a fruitful year with the new capital investments directly aimed at its growth and expansion.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
