Share this article
Crypto Lender BlockFi Says Monthly Revenue Up 100% After Bitcoin Halving User Boost
BlockFi said it has seen a surge in revenue since the bitcoin halving and the launch of its mobile app.
Updated Apr 10, 2024, 2:38 a.m. Published Jul 2, 2020, 8:17 a.m.
Make us preferred on GoogleBlockFi says its monthly revenue has doubled thanks to a surge in new users for its crypto lending service and interest accounts.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- In a company blog post 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 Dec. 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 development in the region.
- Singapore-based hedge fund Three Arrows Capital and crypto mining pool Poolin have joined as strategic partners to assist with the Asia push.
- Former U.S. Defense Department and Microsoft alum Adam Healy came aboard as BlockFi's security chief in mid-June, charged with protecting client data, digital assets and proprietary information.
See also: Bitcoin Mining Pool Poolin Partners With BlockFi to Expand Crypto Lending Service
Di più per voi
Di più per voi
Wall Street giant Apollo deepens crypto push with Morpho token deal
The asset manager overseeing more than $900 billion assets may buy up to 90 million MORPHO tokens as part of a partnership to support DeFi credit market, it said.
Cosa sapere:
- Apollo Global Management struck a cooperation agreement to support lending markets built on Morpho’s onchain protocol.
- The deal allows Apollo to acquire up to 90 million MORPHO tokens over 48 months.
- The move follows BlackRock's push into decentralized finance earlier this week, listing its tokenized fund and buying tokens of decentralized exchange Uniswap.
Top Stories
