BlockFi, a cryptocurrency wealth management platform, has collected an investment from Three Arrows Capital, just months after it closed a Series B round.
Three Arrows Capital, which is also an institutional client of BlockFi, is becoming the FinTech’s newest strategic investor. By having Three Arrows as a strategic partner, BlockFi hopes to boost its international expansion plans.
The FinTech previously raised $30m in its Series B, which it closed in February 2020. Valar Ventures led the round, with additional support coming from Morgan Creek Digital, PJC, Akuna Capital, CMT Digital, Avon Ventures and a number of other backers.
BlockFi is a US-based startup which helps consumers better manage their cryptocurrencies. Users can access crypto-based interest accounts which have up to an 8.6% annual percentage yield on Bitcoin, Ether and stablecoins.
Other services available include crypto-based loans which allow investors to access liquidity of up to 50% an asset’s value in USD, and zero-fee trading.
The FinTech recently raised the interest rates on its BlockFi Interest Account (BIA), enabling users to earn up to 6% APY on Bitcoin and 8.6% on stablecoins.
Three Arrows Capital co-founder and CEO Su Zhu said, “In being an institutional client of BlockFi, we quickly recognized that the company’s mission of helping to expand the cryptocurrency ecosystem aligned with our own philosophy for the space.
“We have had a great relationship with BlockFi and when presented an opportunity to become more involved on the investor level, the answer was evident. BlockFi has grown at an impressive rate and we are looking forward to helping propel the company forward in global markets.”
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