Cryptocurrency lending firm BlockFi has completed its series D fundraising round, bringing in $350mln that has valued the company at $3 bln.

BlockFI confirmed its latest fundraising round on March 11, eclipsing the $100mln cumulative total of its three previous rounds over the past two years. The firm intends to use the capital raised to improve its product suite, fund expansion into new markets and provide funding for future acquisitions.

The Series D round was led by Bain Capital Ventures, Pomp Investments and Tiger Global.

BlockFi’s current offerings include interest-bearing accounts that deliver returns of up to 8.6 APY on cryptocurrency deposits, US dollar loans backed by a users’ cryptocurrency as collateral as well as a fee-less cryptocurrency exchange.

Pomp highlights key reasons behind backing

Renowned cryptocurrency analyst and investor Anthony Pompliano’s Pomp Investments has been at the forefront of previous investment rounds into BlockFi. Pompliano unpacked his ongoing interest in the firm in his latest daily newsletter, The Pomp Letter, on March 11.

As Pompliano outlines, BlockFi has grown considerably over the past few years and now employs 500 people, has around 225,000 users, manages over $15 bln of assets in its product suite and brings in over $50 mln in monthly revenue.

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