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Crypto Lender BlockFi Says Monthly Revenue Up 100% After Bitcoin Halving User Boost

www.coindesk.com 03 July 2020 12:20, UTC
Reading time: ~2 m

BlockFi says its monthly revenue has doubled as it sees a surge in new users for its crypto lending service and interest accounts.

  • In a company blog posted 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 December 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 developments in the region.
  • Singapore-based hedge fund Three Arrows Capital and crypto mining pool Poolin have joined as strategic partners to assist the Asia push.
  • Former U.S. Defense Department and Microsoft Alum Adam Healy came aboard as BlockFi's security chief in mid-June, charged protecting client data, digital assets and proprietary information.

See also: Bitcoin Mining Pool Poolin Partners With BlockFi to Expand Crypto Lending Service

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