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§ Private Profile · Jersey City, NJ, USA
Cryptocurrency lending platform offering crypto-backed loans, interest accounts for retail investors, and trade execution for institutions.
BlockFi was a Jersey City, New Jersey-based cryptocurrency lending platform that provided trade execution, crypto-backed loans, and interest-bearing accounts for retail and institutional investors. At its peak, the company managed $15 billion in total assets and $10 billion in assets under management, serving over one million retail clients and 350 global financial institutions. The firm reached a valuation of $4.5 billion and employed approximately 900 people before facing significant regulatory and market challenges. After paying a $100 million penalty to the SEC for unregistered securities, the company filed for Chapter 11 bankruptcy in late 2022 due to heavy exposure to FTX. The entity emerged from bankruptcy in late 2023 to wind down operations, partnering with Coinbase to facilitate final distributions to its remaining creditors. BlockFi was founded in 2017 by Zac Prince and Flori Marquez.
BlockFi has raised $1.3B across 9 funding rounds.
Key people at BlockFi.
BlockFi was founded in 2017 by Flori Marquez (Co-Founder and Chief Operating Officer).
BlockFi has raised $1.3B in total across 9 funding rounds.
BlockFi was a pioneering cryptocurrency lending and wealth management platform that offered services like high-yield interest accounts on crypto deposits, crypto-backed loans, trading, and a Bitcoin rewards Visa card, effectively providing bank-like functionality for cryptocurrency holders.[1] It served retail and institutional crypto users seeking to earn interest, borrow against holdings, or access crypto rewards, solving the problem of limited liquidity and yield opportunities in the volatile crypto market before such platforms were mainstream.[1][2] The original U.S.-based BlockFi gained rapid traction post-2019 launch, amassing over $50 million in deposits by April 2019 and raising significant funding, but collapsed amid the 2022 crypto winter due to exposure to failed firm FTX, leading to bankruptcy; a new UK entity, BLOCKFI LIMITED (incorporated May 2025), operates as an IT consultancy with no evident ties to the original beyond name.[1][3]
BlockFi was co-founded in 2017 by CEO Zac Prince, who brought fintech experience, with early funding in 2018 from crypto heavyweights like SoFi, Kenetic Capital ($60M+ pre-launch), Galaxy Digital ($52.5M led by Mike Novogratz), ConsenSys Ventures, Morgan Creek Capital, and Winklevoss Capital.[1][2] The idea emerged to create a regulated crypto lending market, pairing borrowers needing USD loans against Bitcoin/Ether collateral with lenders earning interest, filling a gap in crypto's nascent financial infrastructure; it partnered with Gemini for custody to emphasize compliance.[1][2] Pivotal early traction included $50M+ deposits by April 2019, a trading platform launch in December 2019, and plans for SEC-registered yield accounts, but the firm filed for bankruptcy in late 2022 after FTX's collapse eroded its balance sheet.[1] Separately, BLOCKFI LIMITED was incorporated on May 9, 2025, in London as a private IT consultancy, with first accounts due February 2027 and no public founder or operational details yet.[3]
(Note: The new BLOCKFI LIMITED lists IT consultancy as its SIC code but lacks disclosed differentiators or operations as of 2026.[3])
BlockFi rode the 2017-2021 crypto bull market trend toward decentralized finance (DeFi) primitives, popularizing centralized crypto lending (CeFi) as a bridge between traditional finance and blockchain by enabling yield generation and borrowing without selling assets.[1][2] Its 2019 timing capitalized on Bitcoin/Ether price surges and institutional inflows, proving demand for compliant crypto products amid hype around blockchain's financial disruption; market forces like low-interest fiat environments and crypto volatility favored its model.[1] BlockFi influenced the ecosystem by normalizing crypto as collateral for real-world liquidity (e.g., business startups, diversification), inspiring competitors, but its 2022 downfall amid FTX contagion highlighted CeFi risks, accelerating shifts to DeFi and stricter regulations.[1] The 2025 UK entity may signal rebranding or revival in fintech consultancy amid post-FTX regulatory thaw, though its impact remains nascent.[3]
The original BlockFi's bankruptcy underscores CeFi's fragility to counterparty risks like FTX, but its innovations endure in evolved platforms with better risk controls. For the new BLOCKFI LIMITED, expect initial focus on IT consultancy services, potentially leveraging crypto heritage for blockchain advisory amid 2026's maturing Web3 regulations and AI-blockchain convergence. Rising trends like tokenized real-world assets and embedded finance could revive lending models if it scales compliantly; its influence might grow modestly in Europe's fintech hub, but success hinges on distinguishing from the defunct predecessor's baggage—watch 2027 filings for momentum. This evolution ties back to BlockFi's roots as a crypto banking pioneer, now potentially iterating in a more regulated era.
Key people at BlockFi.
BlockFi was founded in 2017 by Flori Marquez (Co-Founder and Chief Operating Officer).
BlockFi has raised $1.3B in total across 9 funding rounds.
BlockFi's investors include Sam Bankman-Fried, Hedosophia, Daniel Loeb, Alt Capital, Craft Ventures, Founders Fund, Rebel Fund, Saga, Todd and Rahul's Angel Fund, Mathilde Collin, Max Mullen, Parker Conrad.
BlockFi has raised $1.3B across 9 funding rounds. Most recently, it raised $250.0M Debt in June 2022.