{"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<\/div>\n

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

A New War Chest<\/h2>\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

Steady Growth<\/h3>\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":"

Cryptocurrency-to-USD lending platform, BlockFi announced on July 24, 2018, that it has successfully raised $52.5 million in its latest funding round led by Galaxy Digital […]<\/a><\/div>","protected":false},"author":767,"featured_media":156733,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-156731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news"],"acf":[],"yoast_head":"\nMike Novogratz\u2019s Galaxy Digital Invests $52.5 Million in BlockFi to Boost Crypto Lending - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"BlockFi announced that it has successfully raised $52.5 million in its latest funding round led by Galaxy Digital Ventures LLC.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/156731\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mike Novogratz\u2019s Galaxy Digital Invests $52.5 Million in BlockFi to Boost Crypto Lending\" \/>\n<meta property=\"og:description\" content=\"BlockFi announced that it has successfully raised $52.5 million in its latest funding round led by Galaxy Digital Ventures LLC.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2018-07-26T16:00:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-29T11:01:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2018\/07\/cropped-btcmanagerlogo-800x800-32x32-258.png\" \/>\n\t<meta property=\"og:image:width\" content=\"32\" \/>\n\t<meta property=\"og:image:height\" content=\"32\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Ogwu Osaemezu Emmanuel\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ogwu Osaemezu Emmanuel\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/156731#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/156731\"},\"author\":{\"name\":\"Ogwu Osaemezu Emmanuel\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/a1f5cfeb942218d86088c06891b18edf\"},\"headline\":\"Mike Novogratz\u2019s Galaxy Digital Invests $52.5 Million in BlockFi to Boost Crypto Lending\",\"datePublished\":\"2018-07-26T16:00:31+00:00\",\"dateModified\":\"2021-08-29T11:01:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/156731\"},\"wordCount\":413,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/156731#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2018\/07\/cropped-btcmanagerlogo-800x800-32x32-258.png\",\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2018\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/156731\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/156731\",\"name\":\"Mike Novogratz\u2019s Galaxy Digital Invests $52.5 Million in BlockFi to Boost Crypto Lending - 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