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Cryptocurrency News

Crypto-lending platform, BlockFi, grows by 100%

Crypto-Lending

Platforms such as BlockFi have come to the spotlight recently as more individuals became interested in earning interest on their crypto-assets with rates going as high as 8.6% APY (for stablecoins such as USDC).

100% Quarterly Growth

In a recent blogpost, BlockFi announced that their monthly revenue has grown by 100% since their $30 million Series B funding round in February 2020. They are at an about 25% month over month growth and on track to generate $50 million in revenue over the next year.

The Catalyst

The main event behind their recent growth has been the Bitcoin halving that took place in May 2020. According to the company, they have added more users doing the week of the halving than any other week ever.

Zac Prince, CEO and Co-Founder of BlockFi, stated: “The crypto financial services space is maturing and we can see a clear turning point today where traditional finance is being outpaced by digital. Savvy veterans of the old guard will continue to look to alternative technologies and digital currencies to build what the next frontier of finance will look like.

Onboarding Partners

In addition to the revenue growth, the company’s network has also grown by onboarding the Singapore-based crypto-hedge fund “Three Arrows Capital” as well as the largest crypto-mining pool “Poolin” as strategic partners.

Mobile App

Consumers today prefer everything “on the go” and that includes cryptocurrency platforms. BlockFi, with their recent addition of an app, has seen 37% week-over-week growth of funded accounts.

Read More

If you are unfamiliar with the process of lending, check out this journal.

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