Galaxy Digital Raises $ 52.5 Million for BlockFi's 'Crypto Loan' Startup :

Galaxy Digital Raises $ 52.5 Million for BlockFi's 'Crypto Loan' Startup

The Galaxy Digital Ventures investment fund founded by Mike Novogratz led a fundraiser for blockchain BlockFi, a junior firm specializing in dollar loans using cryptocurrency as collateral.

In an article on his blog, BlockFi announced that the powerful venture capital firm Galaxy Digital Ventures had raised $ 52.5 million in a round of financing. With this investment, BlockFi will expand its services and will be able to support more crypto-currencies and markets.

Mike Novogratz, the founder of Galaxy Digital Ventures, said:

"We are excited to partner with the BlockFi startup and enable financial institutions to participate in cryptographic investment strategies."

BlockFi offers dollar loans against cryptocurrency as collateral and thus allows borrowers not to have to sell their bitcoins or ethers for fiduciary money. The service claims to distinguish itself from other cryptocurrency lenders by offering the lowest rates for BTC-USD and ETH-USD loans with institutional quality of service.

Zac Prince, the director and co-founder of BlockFi, announced in turn:

"Galaxy's investment is a strategic step for BlockFi's growth. The demand we have highlights a strong interest in dollar loans with Bitcoin or Ether. We are now ready to expand our services to other virtual currencies and other states. "

Last January, Galaxy Digital Ventures invested in, publisher of the EOSIO network (EOS). Earlier this month, Mr Novogratz estimated that the global adoption of cryptocurrency would not take place for at least five years.