{"id":156731,"date":"2018-07-26T12:00:31","date_gmt":"2018-07-26T16:00:31","guid":{"rendered":"https:\/\/insidebitcoins.com\/news\/mike-novogratzs-galaxy-digital-invests-52-5-million-in-blockfi-to-boost-crypto-lending\/156731"},"modified":"2021-08-29T07:01:09","modified_gmt":"2021-08-29T11:01:09","slug":"mike-novogratzs-galaxy-digital-invests-52-5-million-in-blockfi-to-boost-crypto-lending","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/mike-novogratzs-galaxy-digital-invests-52-5-million-in-blockfi-to-boost-crypto-lending","title":{"rendered":"Mike Novogratz\u2019s Galaxy Digital Invests $52.5 Million in BlockFi to Boost Crypto Lending"},"content":{"rendered":"
Cryptocurrency-to-USD lending platform, BlockFi announced<\/a> on July 24, 2018, that it has successfully raised $52.5 million in its latest funding round led by Galaxy Digital Ventures LLC<\/a>, a New York-based asset management firm owned by Bitcoin<\/a> evangelist Mike Novogratz. With the added capital, bitcoin and ether holders will now be able to enjoy fast loans with minimal interest rates.<\/strong><\/p>\n Founded in January 2018 by former banker Zac Prince and Flori Marquez, BlockFi<\/a> breaks the barriers hodlers face while trying to access loans from traditional financial institutions.<\/p>\n The startup makes it easy for cryptocurrency investors to fund their projects in a fast, affordable and reliable way, with crypto-backed loans that come with standard interest rates between ten to 13 percent.<\/p>\n At current, the BlockFi lending service is only accessible to bitcoin and ether<\/a> holders. However, with the newly injected funds, the team has pledged to expand its reach to more locations and integrate a vast array of altcoins into its operations shortly.<\/p>\n \u201cWe look forward to expanding our services to support more cryptocurrencies and more geographic markets in the near future,\u201d said the CEO and co-founder of BlockFi, Zac Prince<\/a>.<\/p>\n While there are many startups in the initial coin offering (ICO<\/a>) industry that claim to give members USD loans or accept cryptos as collateral for related products, BlockFi has received massive support from institutional investors<\/a> as of late.<\/p>\n Back in February, the startup raised<\/a> $1.55 million from its seed funding round, with ConsenSys<\/a>, Kenetic Capital<\/a>, Lumenary<\/a> and several others acting as strategic partners of BlockFi. Novogratz, the founder of Galaxy Digital Ventures, said:<\/p>\n \u201cA robust lending market is the keystone for financial systems and BlockFi\u2019s institutional approach, and deep lending expertise were key drivers in our decision to partner with them.\u201d<\/strong><\/p><\/blockquote>\n For the former Wall Street executive and his crypto merchant bank, Galaxy Digital, the deal with BlockFi represents another excellent investment move.<\/p>\n Earlier in May, Galaxy Digital, joined<\/a> forces with media heavyweights Bloomberg to create a cryptocurrency index called the Bloomberg Galaxy Crypto Index (BGCI<\/a>), in a bid to track the performance of bitcoin and nine other established altcoins including ether, EOS<\/a>, monero<\/a>, ripple<\/a>, and more.<\/p>\n On June 18, 2018, BTCManager<\/em> also reported<\/a> that Galaxy Digital had invested $15 million in AlphaPoint Corp.<\/a>, a blockchain-based firm that assists companies in building cryptocurrency exchanges.<\/p>\n The post Mike Novogratz\u2019s Galaxy Digital Invests $52.5 Million in BlockFi to Boost Crypto Lending<\/a> appeared first on BTCMANAGER<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"A New War Chest<\/h2>\n
Steady Growth<\/h3>\n