June 22, 2021
Blockfills raises capital from Institutional Strategic Investors citing explosive growth and expansion plans
After an incredible close to 2020 and a very busy start to 2021 in the digital asset sector, Blockfills has officially taken outside capital for the first time to help support strong demand.
Blockfills, founded in 2018, is a financial technology and trading firm in the digital asset sector, which provides a full suite of technology solutions, prime brokerage, liquidity and other technology forward solutions to professionals and institutions globally. Blockfills, profitable since 2019, cited explosive growth of 400% YoY in top line revenues and nearly a 500% YoY increase in bottom line revenues as the catalyst for the funding round. The company recently closed the multi-million-dollar equity round in May, which included investors such as Susquehanna Private Equity Investments LLLP, CME Ventures, Simplex Holdings, Future Perfect Ventures, Visionary Private Equity Group and JackDaw Capital.
“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” said Co-Founder and CEO, Nick Hammer. “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”. “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.”
In addition to reporting positive revenues, the company significantly increased traction in some of its more mature verticals. For example, the Company’s spot trading volumes surged over 20x on an average monthly basis from January 2020 to the present. Furthermore, the company has established a major footprint as a leading service provider to global miners and this has helped Blockfills become a leader in markets such as crypto derivatives. “We pride ourselves on being diversified and we try to consistently be one of the more innovative firms in the space” said Partner and Director Neil Van Huis. “Demand from the enterprise mining community has been impressive and the decisions these clients are making proves that the digital space is maturing”.
In fact, global miners have tapped Blockfills for approximately $150M in capital for expansion since August 2020 and the Company has rapidly become a leader in financing mining equipment, while also offering bespoke asset management solutions, efficient mining pool technology and professional trading support to help these key clients navigate rapidly moving markets such as crypto.
As a technology driven and diversified digital asset financial services company, Blockfills has also launched a SaaS division which went live in Q1 2021 after rigorous beta testing in 2020. The full suite of technology includes front end trading and client interfaces, mobile applications, multiple API access points, a risk management OMS, market data, research and a complete middle office/back office solution. The software products named “Vision” and “Zephyr” respectively, enable institutional trading businesses to enter the digital asset sector at an accelerated pace. “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. Our multi-asset technology stack supports both spot and derivatives trading across instruments. “It represents what we have used on both the buy and sell side in the traditional capital market space for years and we have further refined our technology here at Blockfills based largely on feedback from our clients” comments Adam Krauszer, Blockfills CTO. “We truly believe that the Vision and Zephyr products fill major fragmentation gaps in the space and will be a game changer for many businesses adopting crypto trading” added Co-Founder Gordon Wallace.
The Blockfills management team has vast experience building financial technology and client facing trading businesses, at firms such as Deutsche Bank, Goldman Sachs, Citadel, BNP Paribas, Standard Chartered, One River Asset Management amongst many other globally recognized names. Blockfills aims to leverage its’ unparalleled expertise in financial services to gain serious traction with professional players waiting patiently to execute on their plans to enter the digital space.
What’s next at Blockfills? Well for starters, the Company is poised for expansion and is in the process of raising a larger sum of outside capital which they expect to close in the next 60 days. Although the Blockfills team has doubled in numbers over the course of the pandemic, the Company is actively adding new talent to the team globally to support their expansion initiatives scale new verticals. In addition, the Company is working on some disruptive projects and joint ventures that it will be announcing to the public as part of its’ growth initiatives in the upcoming weeks.
Blockfills is a disruptive financial technology firm dedicated to the provision of end-to-end solutions for global crypto currency market participants. The Company has successfully built and deployed a cutting-edge multi-asset technology platform that solves major liquidity fragmentation problems in the marketplace. The platform provides price discovery, price aggregation, electronic order matching, smart order routing and trade reconciliation solutions for institutions in the digital spot, derivatives, and lending markets. In addition, Blockfills provides software as a service solutions that simplify all aspects of the trade lifecycle for institutions in the sector.
RISK DISCLOSURE AND IMPORTANT INFORMATION
This press release is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal, nor shall there be any sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. All investing is subject to risk, including the possible loss of all of the money invested. As with any investment strategy, there is no guarantee that investment objectives will be met and investors may lose money. Diversification does not ensure a profit or protect against a loss in a declining market. Past performance is no guarantee of future results.