Crypto lending firm BlockFi raises $350M in new funding round

Bain Capital Ventures, Pomp Investments, Tiger Global, and partners of DST Global have led investors in a $350 million series D funding round for the crypto lending firm BlockFi, according to an announcement on March 11.

The company indicated that with the addition of these funds, as well as $100 million raised via three earlier funding rounds in the last two years, BlockFi is now valued at $3 billion. The secured funds will reportedly be used to expand the crypto offerings at the firm, including a Bitcoin (BTC) rewards credit card and a Bitcoin trust.

“In less than six months since we completed our Series C, Bitcoin and other digital assets have assumed a central role in many investors’ portfolios and in broader financial markets,” said BlockFi co-founder and CEO Zac Prince. “Digital assets will continue to democratize finance, serve as a hedge against inflation and expansionary monetary policy, and promote innovation in financial technology and accessibility to financial services.”

The announcement comes the same week that BlockFi temporarily blocked new user registrations following reports a “malicious actor” used real email accounts to deliver profanity-laced messages to users of the crypto lending platform. The platform re-enabled signups for new customers yesterday.