BlockFi, a crypto-lending service, raises $50 million from Morgan Creek Digital and the Winklevoss twins

BlockFi, a cryptocurrency lending company, has closed its Series C funding round, raising $50 million.

We’re excited to announce that we’ve raised $50 million in Series C funding led by Morgan Creek Digital. For more details, check out our blog post below. https://t.co/oNSqySaFVM

— BlockFi (@TheRealBlockFi) August 20, 2020

Morgan Creek Digital led the round. Other investors included Winklevoss Capital, Valar Ventures, Avon Ventures, Purple Arch Ventures, Kenetic Capital and HashKey.

Together with the new funds, the startup has raised nearly $100 million from investors over the past 12 months.

BlockFi said that revenues had grown tenfold over the past year. Assets under management have surpassed $1.5 billion.

In a statement to CoinDesk, co-founder and chief executive Zac Prince said that the company plans to further expand its staff, enter new markets, and issue bitcoin-rewards cards.

Back in August last year, as part of the Series A round, BlockFi attracted $18.3 million.

Earlier in 2020, in a Series B round, the startup raised another $30 million.

In July, it was reported that BlockFi planned to assemble a team of specialists to help lay the groundwork for a possible initial public offering.

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