Crypto Lender BlockFi Says Monthly Revenue Up 100% After Bitcoin Halving User Boost
BlockFi said it has seen a surge in revenue since the bitcoin halving and the launch of its mobile app.
Jul 2, 2020 at 8:17 a.m. UTCUpdated Apr 10, 2024 at 2:38 a.m. UTC
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BlockFi says its monthly revenue has doubled thanks to a surge in new users for its crypto lending service and interest accounts.
- In a company blog post on Thursday, the crypto lender said monthly revenue had been climbing since February, when it raised $30 million in Series B funding.
- The revenue increase has been driven by bitcoin's recent halving event in May, the company said, as well as the launch of a mobile app.
- BlockFi saw more users join in the week of the halving than any other week in its history.
- 7,000 new accounts have had funds added, putting the startup at a 25% month-over-month growth rate, per the firm's figures.
- New-York based BlockFi said it is now "on track to generate $50 million in revenue" over the next 12 months.
- "Monthly revenue has grown four times since Dec. 19 and doubled from the beginning to end of Q2.” said Zac Prince, CEO and co-founder of BlockFi, in an email to CoinDesk.
- The lending platform recently widened its focus on Asian markets. In June, it hired ex-Bank of America Merrill Lynch global equities portfolio sales trader Rishi Ramchandani to head the company's business development in the region.
- Singapore-based hedge fund Three Arrows Capital and crypto mining pool Poolin have joined as strategic partners to assist with the Asia push.
- Former U.S. Defense Department and Microsoft alum Adam Healy came aboard as BlockFi's security chief in mid-June, charged with protecting client data, digital assets and proprietary information.
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