BlockFi, a startup that offers U.S. dollar loans against crypto collateral, has raised $4 million in its latest round this year.
The New York-based firm announced Wednesday that the funds have been raised in convertible debt investments in a round led by Akuna Capital, with participation from Mike Novogratz’s Galaxy Digital Ventures, Anthony Pompliano’s Morgan Creek Digital, Susquehanna Government Products and Fidelity-linked Devonshire Investors.
With the new funds, BlockFi said it plans to grow its team and launch new products, including an interest-earning crypto savings account (slated for Q1 2019), a portfolio line of credit and crypto-backed credit cards. The firm currently provides dollar-denominated loans against bitcoin, ether and litecoin.