BLOCKCHAIN

BLOCKFI HAS SECURED $52.5 MILLION TO HELP CONSUMERS BORROW AGAINST CRYPTO ASSETS: US-based BlockFi, which offers its customers crypto asset-backed loans, has raised a $52.5 million from cryptocurrency and blockchain technology investment firm Galaxy Digital Ventures. The two companies have also partnered as part of this deal, according to Mike Novogratz, founder of Galaxy Digital Ventures. BlockFi allows its customers to borrow up to $10 million against their balances of Bitcoin and Ethereum. The cryptos act as collateral and are kept in ownership of the person who is borrowing the fiat money. That means they can continue to benefit from any price surges related to their cryptos, but they also have fiat money available if needed. The company will use $50 million of the new capital to lend to customers, while the other $2.5 million is an equity investment in BlockFi. Allowing customers to get crypto-backed loans is likely going to become an interesting proposition, as conventionally, it has been difficult for people to liquidate their crypto assets, especially if they want to keep their investments. As such, demand for its service will likely be high, and the new capital will probably help to accommodate this.

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