On January 24, BlockFi International Limited, a cryptocurrency financial services company, announced that it had obtained a Bermuda Subsidiary class F digital assets business license from the Bermuda Monetary Authority. Such a license now allows BlockFi to set up a new office in Bermuda to be staffed by existing BlockFi staff and local talent. The license will enable BlockFi to centralize its existing services and products for non-US retail and institutional clients.
Zac Prince, the CEO and Founder of BlockFi, said that the license and the robust regulatory framework that Bermuda offers are a strong fit for the company’s global business and its ambitions for the future. He further stated: "Bermuda provides BlockFi with the ideal jurisdiction to run our non-U.S. operations, combining a robust legislative and regulatory framework with the supervision of an experienced financial services regulator. We look forward to collaborating with the Bermuda Monetary Authority as we expand our presence in Bermuda, continue to deliver innovative products and services to our clients worldwide and remain the most trusted financial service provider in crypto.”
Meanwhile, the Hon. David Burt, JP, MP and Bermuda's Premier, commented: "I appreciate BlockFi's successful receipt of a Class F Digital Asset Business License, and I particularly appreciate its establishment of operations in Bermuda."
BlockFi International Limited is providing various services to retail and institutional non-U.S. clients, including being a digital asset exchange that provides custodial wallet services, offers digital asset derivative exchange and operates as a digital asset services vendor. BlockFi, a crypto firm headquartered in New Jersey, is the parent company of BlockFi International Limited.
BlockFi Is Working for Its Growth
The announcement by BlockFi International Limited confirms its commitment to expand its retail services in several European and Asian nations. In May 2020, the American crypto lending platform hired David Olsson as Vice President for Europe and Asia to enable BlockFi to strategically expand its international reach. The crypto firm already began testing its retail products in Italy and targeted another two nations, the Netherlands and Switzerland for its launch. Moreover, BlockFi has a team in the UK and provides its services in the country.
Launched in March 2019, BlockFi provides loans to customers interested in borrowing cryptocurrencies beginning from $2,000 and up to as much as $100 million against Bitcoin, Ethereum and stablecoins. Furthermore, the company offers crypto interest-bearing accounts that provides interest on the crypto deposits of its clients and trading services. In August 2020, BlockFi raised $50 million in its Series C funding round led by Morgan Creek Digital asset management company. BlockFi used the funding to expand both its product offering and geographic footprint, including its Bitcoin rewards-based credit card, and support for its additional assets and currencies.
