Blockfills, a digital asset trading company, announced on Thursday that it has closed a multi-million dollar funding round in May. This is the first outside capital the crypto startup has taken as it was running on bootstrapped capital till now.
The round attracted some venture capital heavyweights like Susquehanna Private Equity Investments LLLP, CME Ventures, Simplex Holdings, Future Perfect Ventures, Visionary Private Equity Group, and JackDaw Capital.
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Nick Hammer, co-founder and CEO at Blockfills, commented: “We have experienced a tremendous amount of growth as a firm and we continue to see strong interest in the sector especially from institutions looking for connectivity, market access and most of all, technology solutions to help them build their digital asset trading businesses efficiently and securely throughout space.”
Indeed, the company is riding on the ongoing crypto frenzy as its top-line revenue went up by 400 percent year-over-year and the bottom line revenue by 500 percent. The crypto spot trading volume handled by the firm also spiked by 20x since January 2020.
Further, unlike most of the startups, Blockfills is turning profits since 2019, only after a year of its establishment.
“While exceeding our revenue expectations was a key milestone for the firm, we are working to scale several new and exciting verticals that we believe will accelerate our position in the market even further,” Hammer added.
“We are very excited to have the high-quality strategic partners that have joined us in this initial round to help us execute and expedite our plan.”
The company is also in the process of raising another ‘large sum of outside capital’ in the next couple of months.
The crypto company has also diversified its business, becoming a service provider to crypto miners. Since August 2020, global miners have tapped Blockfills for around $150 million in capital for expansion and the company is a financing mining equipment. It also offers asset management solutions, mining pool technology, and professional trading support to its clients.
“We expect that our technology solutions will be a one-stop-shop for brokerages, banks, custodians, asset managers, and other financial institutions considering a move into the space,” Adam Krausze, CTO at Blockfills, said. “Our multi-asset technology stack supports both spot and derivatives trading across instruments.”
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