BlockFi woos institutional clients with BlockFi Prime

Karthik Subramanian

BlockFi, a company that looks to combine the strengths of cryptocurrencies with traditional wealth and finance management, has announced the launch of BlockFi Prime, its new platform that is aimed at institutional clients.

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The new platform combines better pricing, reliable infrastructure, and upgrades, and features that are catered towards professional investors and traders who wish for greater transparency in their trading and better reporting.

“As cryptocurrency investment and adoption becomes, even more, a part of mainstream financial markets, institutional investors have demanded tools that enable them to pursue traditional investing strategies while navigating trading nuances specific to digital assets,” noted Zac Prince, CEO, and co-founder of BlockFi. “BlockFi Prime is an exciting new tool that provides investors an unparalleled degree of control, insight, and convenience in managing their organization’s crypto assets.”

BlockFi already has features like digital assets borrowing and on top of these, Prime adds features like real-time pricing, 24-hour settlement cycle, the ability to download trade and loan history, API trading, and a flexible pricing model which the company believes would be attractive for sophisticated clients.

The company has also said that tools that are tuned towards margin and derivatives trading would also be added to the Prime platform as these are the primary instruments that many crypto traders prefer to trade at this point in time.

The company is expecting to raise funding in the coming months at a valuation of $5 billion, according to a report in Reuters. It was in March that the company completed its Series D funding at a valuation of $3 billion and it is apparent that it is on a growth spree with a focus on institutional and professional clients in the coming months. The company says that it has over $15 billion as assets under management and it would hope that these renewed upgrades and focus on larger clients would help it to match the expectations of incoming investors.

Cryptocurrency trading and investment is the craze across the world right now and with the market still in its infancy stages, there is a lot of room for the growth of new companies and startups like BlockFi. The investors would hope that this increasing valuation of crypto startups is not a bubble like a dotcom boom and a majority of these startups go on to reap the benefits of this new domain.

 

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