Crypto-credit startup BlockFi raised $ 4 million from Galaxy Digital and Fidelity BlockFi, a startup providing loans in US dollars secured by cryptocurrency, raised $ 4 million in funding, writes CoinDesk.

Crypto-credit startup BlockFi raises $ 4 million from Galaxy Digital and Fidelity

BlockFi startup, which provides loans in US dollars secured by cryptocurrency, raised $ 4 million in funding, writes CoinDesk.

The company announced on Wednesday that it had received an investment in exchange for reversible debt securities. The round was spearheaded by Akuna Capital and also included Mike Novogratz's Galaxy Digital Ventures, Anthony Pompliano's Morgan Creek Digital, Susquehanna Government Product and Fidelity-affiliated firm Devonshire Investors..

BlockFi plans to use the received funding to expand its own team and launch a new line of products, including cryptocurrency savings accounts and crypto-backed credit cards. The company currently provides USD loans secured by Bitcoin, Ethereum and Litecoin.

“We believe the debt and credit markets in the crypto space will continue to grow, and BlockFi is well positioned to spearhead this process,” said Dean Carlson, head of digital asset investment at Susquehanna..

BlockFi raised $ 52.5 million in July, primarily from Galaxy Digital. In February, the firm received $ 1.55 million from ConsenSys Ventures, SoFi and Kenetic Capital to help it fill the gap between traditional capital markets and the cryptocurrency space..

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