Introducing BlockFi, a New Jersey-based Crypto Fintech Company
By a BlockFi spokesperson
New Jersey is home to numerous fintech companies. We are profiling some of these companies this summer. Our first featured company is BlockFi, a Jersey City-based fintech that is doing some innovative things with wealth building via cryptocurrency.
While we all know that crypto has taken a beating recently, it’s worth it to look at these companies that are on the cutting edge of the financial world.
Who are you and what do you do?
- BlockFi is a crypto-financial services company focused on transforming finance by harnessing the power of cryptocurrencies and blockchain payment rails to create a globally accessible crypto-wealth management platform.
- At BlockFi, we provide clients with broad access to a suite of financial products and services, including crypto-backed loans, interest- and noninterest-bearing accounts for storing and trading crypto assets and the world’s first crypto rewards credit card.
- BlockFi’s mission has always been to bridge traditional and crypto-based financial products, and at the heart of those efforts has been a focus on educating consumers about their benefits and how to grow their wealth in crypto.
- Currently, we’re at around 800+ employees worldwide and service over 600,000 retail clients and nearly 400 institutional clients, with $8 billion assets under management.
What makes BlockFi an innovator?
BlockFi is one of the fastest-growing private fintech companies in the world. We completed five funding rounds (Series A-E) in the past two years, totaling $700 million and enabling the introduction of new products and services and the hiring of industry-leading executives.
Our accomplishments over the last 12 months are nothing short of extraordinary –
- Launched the world’s first bitcoin rewards credit card, BlockFi Rewards Visa Signature Credit Card and are nearing our one-year anniversary. As of April 2022, we have over 83K credit card cardholders, which is now our fastest-growing revenue stream, accounting for nearly 10% of company revenues.
- Our client base continues to grow exponentially. Our client base grew five times year-over-year in 2021 and we’re seeing positive momentum continue into 2022.
- Bolstered our leadership team with several C-level hires to support hypergrowth, including Yuri Mushkin, as chief risk officer, and Laura Cooper, as chief people officer. Additionally, Ellen-Blair Chube, managing director at William Blair [Chicago], joined our Board of Directors.
- Broadened the realm of cryptocurrency assets available by adding support for BAT [Basic Attention Token], DAI [Multi-Collateral Dai] and UNI [Uniswap], so clients could earn compounding crypto interest on balances held in the BlockFi Interest Account, or BIA.
- Introduced BlockFi Prime, an integrated trading platform for digital assets, improving ease of use for all institutional trading needs.
- Teamed up with “The Bachelor” Matt James and NBA’s 2021 first draft pick, Cade Cunningham, to build out robust financial and crypto education programs.
Why are you located in New Jersey?
As one of the fastest growing private fintechs, BlockFi recognized the importance of proximity to a strong talent pool. Ultimately, we decided our headquarters should be in the New York Metro area due to the wealth of innovators in the region.
