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.

AccessTimeIconJul 2, 2020 at 8:17 a.m. UTC
Updated Sep 14, 2021 at 8:58 a.m. UTC

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.


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 a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.