Block-Fi the famous crypto lending and interest generating service, backed by the Winklevoss twins has seen very good increase in their revenue and userbase. This news comes after the fact when recently there was a Sim Swap fraud committed against one of the employee. The hacker failed to steal any funds within the 86 minutes for which they had access to the Block-Fi platform. Though below details were leaked in this attempt.
This included details such as:
- Name as listed on the account
- Email address
- Date of birth
- Physical address as listed on the account
- Activity history
In a company post on their blog Block-Fi stated that Bitcoin Halving may have contributed to this doubling up of revenue. Historically, the best time to buy Bitcoin has been just around halving because prices have always roared after every halving and Bitcoin is currently above $9000, though in a consolidation mode which is also the reason we are having this Alt-Season.(which may end as soon as btc makes a crazy move so keep your portfolio prepared with stop-losses).
Another reason for this surge maybe attributed to the newly released app which has seen solid updates with new features.
Approximately 7,000 new accounts were funded, putting the firm at a 25% month-over-month growth rate. BlockFi is on track to generate $50 million in revenue over the next year.
This sounds like a very good news for the platform and also very helpful in mass adoption of Bitcoin. Currently Block-Fi is focusing on expanding its reach outside of America by partnering with Singaporean hedge fund Three Arrows Capital which will support the Winklevoss backed lending platform with its operations in Asia-Pacific region. Block-Fi is also planning on opening an office space in Singapore (figures since Singapore is a strategic location due to its relaxed taxing structure and crypto laws).
Block-Fi is definitely in a strong position now and this surge means not only adoption of crypto but also acts as an alternate way for users to diversify their portfolio. I feel with the backing Block-Fi have right now, it is certainly one of the top in its field.
These are some of the partners associated with Block-Fi.
DYOR and if you like the platform and are ready to invest upwards of $100 in crypto on their platform to sit and earn interest you can use this link which will net you and me $10 in BTC.
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This is excellent, especially considering the recent hack (though no user data or funds were reported to have been lost). It shows confidence in the business model at least.