Bitcoin Lender BlockFi Raises $30M in Series B Led by Peter Thiel's Valar Ventures

Having Hong Kong-based HashKey as an investor will help BlockFi expand into Singapore later this year, said CEO Zac Prince.

AccessTimeIconFeb 13, 2020 at 2:00 p.m. UTC
Updated May 9, 2023 at 3:05 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Fresh on the heels of an $18.3 million Series A funding round in August, crypto lending startup BlockFi has secured a $30 million Series B.

Announced Thursday, the new funding will help the firm expand both its product offering and geographic footprint. 

“We decided to opportunistically raise the Series B to expand the balance sheet and give ourselves the ability to invest in the things we’re doing this year,” BlockFi CEO Zac Prince said in an interview. 

The Series B was led by Peter Thiel's Valar Ventures with participation from repeat investors Morgan Creek Digital, PJC, Akuna Capital, CMT Digital, Winklevoss Capital and Avon Ventures. New investors included Castle Island Ventures, Purple Arch Ventures, Kenetic Capital, Arrington XRP Capital and HashKey Capital. 

Having Hong Kong-based HashKey as an investor will help BlockFi expand into Singapore later this year, Prince said. While the company has been serving customers in the region, this would be its first physical presence there.

In the Asia-Pacific region, BlockFi expects to attract a lot of institutional customers, Prince said, given the number of mining companies, asset managers, exchanges and market makers that exist there. BlockFi also plans to begin attracting more retail customers in the region as it translates its site and products into local Asian languages. 

In the first quarter of this year, the startup plans to develop a mobile app and the ability to send fiat wire transfers. In Q2 2020, BlockFi plans to offer Automated Clearing House (ACH) payments. 

It also expects to double the size of its 75-person team by the end of 2020, Prince said.

BlockFi has been providing fiat loans with bitcoin (BTC) and ether (ETH) collateral since the beginning of last year. In March, it launched a service offering clients interest on their crypto, which the company then loaned out to institutions. BlockFi has had to cut rates more than once because borrower supply has not been able to meet depositor demand

The firm reports having more than $650 million in assets on its platform, a 160 percent increase from the $250 million in assets it reported in August, with a 0 percent loan loss rate. 

Last month, BlockFi announced a slight reduction in yield for customers lending bitcoin and ether, caused by a more bullish crypto market. 


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.