BlockFi raised $350 million in the Series D Fundraising round and the valuation of the company reached $3 billion shortly after, as we can see more in our latest cryptocurrency news.

The crypto lending company BlockFi raised $350 million in a Series D fundraising that was led by Bain Capital Ventures, Tiger Global, and Pomp investments. The firm plans to utilize this amount in order to make new product releases. Founded back in 2017, BlockFi is a company that described itself as a “financial services company dedicated to building bridge-between cryptocurrencies and traditional financial and wealth management products.”

A few days ago, the company announced that it has completed a Series D fundraising round where names like Valar Ventures, Paradigm, Kenetic and Morgan Creek Digital raised $350 million. The company is valued at $3 billion and the new funds will enable innovation in the product suite and will accelerate expansion into the new markets all while providing capital for select acquisition opportunities.

Before Series D, the company finished Series C funding in 2020 and apart from raising $50 million at that time, Morgan Creek Digital’s Anthony Pompliano joined the board of directors in the company. The co-founder of BlockFi Zac Prince said:

 “Our conviction that digital assets are the future of finance has been vindicated by our client base, which grew 10x year-over-year in 2020 and has more than doubled since the end of 2020. Digital assets will continue to democratize finance, serve as a hedge against inflation and expansionary monetary policy, and promote innovation in financial technology and accessibility to financial services.”

A few days before the announcement was made, Forbes reported a bad actor that infiltrated BlockFi’s lending platform and the attacker spammed the signup page by creating hundreds of accounts. He used over 1000 emails to make registrations and at least a half were identified to belong to the real users. The hacker put racist and vulgar terms in the fields for name and last name on each account which flooded the system with numerous unfinished registrations. As per Prince, the attack aimed to create some negative sentiment around BlockFi by making racial slurs in the emails. The lending platform suspended new signups all while fighting the attack but the page was later reactivated.

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Source: https://www.dcforecasts.com/altcoin-news/blockfi-raised-350-million-with-its-valuation-reaching-3-billion/