Even the world’s strongest economies are in a state of shock due to the aftermath and ongoing surge of the COVID-19 pandemic. As many countries are trying to protect their interest against the effects of dollarization, the field of cryptocurrency continues to progress. The big bang of Bitcoin from 2020-2021 has placed the bets of major financial investors in favor of the crypto-verse. New startups and crypto-based businesses are emerging every day in the market.
One such promising organization is BlockFi that is one of the first crypto lending platforms in the world. The motto of the company is to work in the area of filling the much-needed gap between crypto and traditional finance management products. BlockFi was founded in 2017 and is based in New York, USA. The company has managed to raise $350 million after arranging a Series D fundraising round recently.
BlockFi Getting Attention from Major Stakeholder in the Crypto Space
BlockFi is valued at $3 Billion to date and has managed to sway big names like Morgan Creek Digital, Paradigm, Kenetic, and Valar Ventures, and others to participate and invest in its business model. Zac Prince, CEO and co-founder of BlockFi is optimistic about the expansion of digital assets to take over conventional fiscal and monetary practices. He believes that digital assets have the potential to serve as a hedge against inflation and money devaluation.
The ambitions and plans of the BlockFi team are arduous and demanding. The company has been recovering from a major hack attack that tried to send the users spam emails filled with racist and vulgar language. To control the spread of this hack, the sign-up page of the company was disabled temporarily. However, newly raised funds would help the company salvage and further invest in the innovative product suite, acquisition opportunities, and new market expansion. The company managed to raise $50 million last year by arranging a Series C fundraiser.
Another Bitcoin Startup to Publish Bitcoin Physical Notes
Many noteworthy crypto derivatives startups are popping their heads in 2021. Noteworthy is certainly attracting the attention of crypto enthusiasts all over the world with its unique business idea. Noteworthy is aiming to prepare and mass distributes physical Bitcoin-backed notes. The idea had been circulating among many crypto maniacs; however, this is the first time that a startup has taken up this position.
The people behind the Noteworthy initiative are Larry Felix-former Director of the US department of treasury’s Bureau of Engraving and Printing, and Peter Vessenes, founding chairperson of Bitcoin Foundation. The rest of the team on the panel is also well-versed in their profession. The proposed Bitcoin notes would have state of state-of-the-art cryptographic microprocessor that would enable people to conduct internet-free and peer-to-peer trading.