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

Sebastian Sinclair
Updated ·2-min read

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

  • 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

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