- BlockFi has recently reported a strong increase in its revenue in the second quarter.
- The company has doubled its monthly revenue by raising $30,000,000 in series B funding.
- It claimed that they were moving in the right lane in order to generate a revenue of $50,000,000 over the next year.
Regardless of the current Coronavirus pandemic and the challenging conditions which arise due to it, BlockFi has recently reported a strong increase in its revenue in the second quarter. The company has doubled its monthly revenue by raising $30,000,000 in series B funding.
However, the New York-based crypto lender did not reveal the exact figures it generated in the quarter. It claimed that they were moving in the right lane in order to generate a revenue of $50,000,000 over the next year.
BlockFi Revenue Increased During Halving
The company gained it’s revenue partially by Bitcoin halving in the month of May. Bitcoin halving is an event that occurs roughly after every four years. It brings along with it enough yields to change the cryptocurrency value. During the week of Halving, BlockFi got more clients than any other week since the company’s founding. According to the reports, 70,000 new accounts were funded putting the firm at a 25% month-over-month growth rate.
Another recent key factor in driving this growth was the latest release of a new BlockFi mobile app. This app enables the clients to open and manage BlockFi Interest Account, borrow money against their crypto Holdings, trade between cryptocurrency pairs, and transfer funds directly from their bank or crypto wallets.
BlockFi also wanted to expand its global presence and thus brought on board the Singapore based hedge fund ‘Three Arrows capital’. It has also joined hands with cryptocurrency mining pool ‘Poolin’ as strategic partners. The company Three Arrows will help BlockFi in offering its services in the Asia Pacific region. Hence, connect the company with institutional clients overseas. On the other hand, Poolin is supposed to help BlockFi in delivering key financial services to the global mining community.
BlockFi recently hired Rishi Ramchandani as the new director of business development in Asia. Rishi has more than 10 years of experience in the traditional finance. It has led global and Asia equities trading teams for Bank of America Merrill Lynch.