Crypto-focused financial services company BlockFi has brought on Three Arrows Capital as a strategic investor to the company, according to an official press release shared with Coin Rivet.
Founded by Su Zhu and Kyle Davies, Three Arrows Capital is a hedge and crypto fund manager that focuses on emerging markets and has been providing greater risk-adjusted returns for nearly a decade. Since its inception, the firm has demonstrated impressive growth in Asia and global markets.
Recently BlockFi raised interest rates on the BlockFi Interest Account (BIA), enabling clients to earn up to 6% APY on Bitcoin, and 8.6% APY on stablecoins such as USDC and GUSD.
💸 We’re excited to announce the removal of tiered interest rates for ETH (@ethereum). This means accounts of all sizes will be earning 4.5% APY. Start earning 👇https://t.co/S9kSaUcSUn
— BlockFi (@BlockFi) April 7, 2020
“In being an institutional client of BlockFi, we quickly recognized that the company’s mission of helping to expand the cryptocurrency ecosystem aligned with our own philosophy for the space,” said Su Zhu, co-founder and CEO, Three Arrows Capital. “We have had a great relationship with BlockFi and when presented an opportunity to become more involved on the investor level, the answer was evident. BlockFi has grown at an impressive rate and we are looking forward to helping propel the company forward in global markets.”
The investment comes after a previously announced $30M series B capital raise, asserting BlockFi’s dominance in the crypto-focused financial services field.
“It’s quite validating to have one of our clients seek to come on board in a greater capacity,” said Zac Prince, CEO and co-founder, BlockFi. “Bringing on Su Zhu and the team at Three Arrows Capital aligns well with our focus on international expansion of our institutional services offering – which is one of our strategic initiatives for this year.”
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