Cryptocurrency lending platform BlockFi is reportedly looking to raise hundreds of millions of dollars in new funding at a valuation of around $5 billion, providing further insight into the growth of crypto-focused companies.
The company, which was founded in 2017 by Zac Prince and Flory Marquez, is said to be in talks as of late with new and existing investors to raise capital, accordingly Technology publication for information. New York-based hedge fund Third Point Management and London-based venture capital firm HedoSofia are reportedly leading new funding rounds.
The same report indicated that the latest funding round has not closed, meaning that the desired $5 billion valuation of BlockFi could rise.
As Cointelegraph reported, BlockFi Raises $350 Million in Series D Financing Earlier this year, construction on the $100 million it raised three earlier funding rounds. The platform has been a source of growth and adoption during the crypto bull market, which has seen digital loan products reach the mainstream.
BlockFi manage to Over $15 billion in assets. Earlier this year during the height of crypto euphoria, BlockFi clients were earning record interest payments on their bitcoins (B T c), ether (ETH) and stablecoin holdings.
Blockchain startups have remained a source of capital accumulation even during the latest cryptocurrency market collapse. venture capitalists have Invested more than $16 billion In blockchain equities since 2012, investment momentum has been increasing over the past year as more institutional players move to the space.