BlockFills, a fast-growing global digital asset trading and financial technology company, announced the completion of a Series A funding round totaling $37 million.
-The round was led by institutional investors, including Susquehanna Private Equity Investments LLLP, CME Ventures, Simplex Ventures, C6E, Nexo Inc. and several other institutional investors and funds. This is the second multimillion-dollar funding round since the company’s founding in 2018. BlockFills has raised a total of $44 million to date from institutional investors.
The Series A funding round will accelerate BlockFills’ global expansion and fuel technology launches aimed at bringing traditional financial institutions into the digital asset sector. The company’s state-of-the-art back and middle office products, in tandem with its recently launched trading platform, Phoenix, make BlockFills a one-stop shop for banks, brokerages, asset managers, corporations and other institutions who wish to launch or scale a client facing digital asset business.
“The successful close of our Series A funding round will help ensure that BlockFills and our technology platforms are industry leading and continue to meet the demand for end-to-end solutions that help institutions safely and efficiently engage digital asset markets,” said Nick Hammer, co-founder and CEO of BlockFills. “We are grateful to our investors and proud to provide value for our clients by providing digital asset market solutions that are unmatched in the industry. The future looks bright for BlockFills, and we are just getting started.”
Investor Perspective:
Dean Carlson, Head of Digital Asset Investments at Susquehanna Private Equity Investments, said “since its inception, BlockFills has been an innovator in the digital asset sector providing trading and liquidity solutions to crypto native firms. Their experience in the crypto sector and traditional financial markets coupled with their pioneering financial technology solutions set the company apart. We are excited to support BlockFills’ vision of being a one-stop partner for global institutions looking to confidently enter into digital asset trading and investing.”
Impact of Series A Funding Round
Using this latest funding round, BlockFills plans to scale new verticals to accelerate its position in the market. Prospective verticals include support for digital banks and asset managers, trading organizations demanding multi-currency solutions, and companies with exposure to cryptocurrency prices who seek assistance in implementing efficient hedging and risk mitigation strategies.
Specifically, BlockFills will expand and evolve its technology platforms to provide more advanced solutions for the hedge fund and asset management community, a sector in which the company saw record levels of onboarding in 2021. Already a leading liquidity provider in crypto options globally, BlockFills plans to dramatically expand support for this industry’s unique needs - bespoke derivatives products and related technologies that simplify regulatory and reporting requirements.
BlockFills will also use the funding to expand as a leading service provider to global cryptocurrency miners. Global miners have tapped BlockFills for approximately $150 million in capital for expansion since August 2020 and the company has rapidly become a leading service provider in financing mining equipment. BlockFills also offers bespoke asset management solutions, efficient mining pool technology, and professional trading support to help these key clients navigate rapidly moving cryptocurrency markets.
The funding will position BlockFills as a mature, well-capitalized counterparty whose tenured leadership will attract institutional level clients seeking stability, advanced technology, and white glove service.
BlockFills Milestones since its 2018 Founding:
Today, the company serves over 600 institutional clients, including enterprise level businesses and professionals across all industries, helping each at every level of the digital asset trading lifecycle
Achieved profitability since 2019, with 400% year-over-year growth in top line revenues and nearly a 500% year-over-year increase in bottom line revenues
The company has seen its spot trading volumes surge over 20x on an average monthly basis since January 2020
In 2021, BlockFills launched its software-as-a-service division with the introduction of its “Vision” and “Zephyr” software solutions in Q1 and “Phoenix” solution in Q3, allowing institutional trading businesses to enter the digital asset market efficiently and reliably