Introducing BlockFi, a New Jersey-Based Crypto Fintech Company – NJ Tech Weekly
Tracy J. Chappelle
3 min read
By a BlockFi spokesperson
New Jersey is home to many fintech companies. We are profiling some of these companies this summer. Our first featured company is BlockFi, a Jersey City-based fintech doing innovative things with wealth creation vamong others cryptocurrency.
While we all know that crypto has taken a hit recently, it’s worth looking at these companies that are on the cutting edge of the financial world.
Who are you and what are you doing?
- 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 offer customers broad access to a suite of financial products and services, including crypto-backed loans, interest-bearing and interest-free accounts for storing and trading crypto assets, and the first credit card crypto to the world.
- BlockFi’s mission has always been to bridge traditional and crypto-based financial products, and central to these efforts has been a focus on educating consumers about their benefits and how to grow their wealth by cryptography.
- Currently, we have over 800 employees worldwide and serve over 600,000 retail clients and nearly 400 institutional clients, with $8 billion in assets under management.
What makes BlockFi an innovationr?
BlockFi is one of the fastest growing private fintech companies in the world. We have completed five rounds of funding (Series AE) over the past two years, totaling $700 million and enabling the introduction of new products and services and the hiring of top-tier executives.
Our accomplishments over the past 12 months are nothing short of extraordinary –
- Launch of the world’s first bitcoin rewards credit card, BlockFi Rewards Visa Signature Credit Card and are approaching our first anniversary. In April 2022, we had over 83,000 credit cardholders, which is now our fastest growing source of revenue, accounting for nearly 10% of company revenue.
- Our customer base continues to grow exponentially. Our customer base grew fivefold year-over-year in 2021 and we see the positive momentum continuing into 2022.
- Strengthened our leadership team with several C-level hires to support hypergrowth, including Yuri Mushkin as Chief Risk Officer and Laura Cooper as Chief Human Resources Officer. Additionally, Ellen-Blair Chube, Managing Director of William Blair [Chicago]joined our board of directors.
- Expanded the realm of available cryptocurrency assets by adding support for BAT [Basic Attention Token], AID [Multi-Collateral Dai] and United [Uniswap]so that customers can earn compound crypto interest on balances held in the BlockFi Interest Account, or BIA.
- Introduced BlockFi Premieran integrated trading platform for digital assets, enhancing ease of use for all institutional trading needs.
- In team with “The single person” Matt James and 2021 NBA first draft pickCade Cunningham, for building strong financial and crypto education programs.
Why are you located in New Jersey?
As one of the fastest growing private fintechs, BlockFi has recognized the importance of proximity to a strong talent pool. Ultimately, we decided that our headquarters should be in the New York metro area because of the wealth of innovators in the area.
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