Crypto lender BlockFi is set to close a funding round at a $1 billion valuation. That's lower than its previous fundraises. By JamieCrawleyCD
, valuing it at nearly $5 billion, in late July and had also been making known its plans to go public.
The lower valuation points to the more challenging atmosphere in the crypto industry at present as well as regulatory uncertainty surrounding firms such as BlockFi, which offers high interest payouts against crypto holdings.to the U.S. Securities and Exchange Commission and several state regulators as part of a settlement in an investigation into whether its high-yield lending product was a securities offering.
BlockFi had not responded to CoinDesk's request for comment about its latest funding round at press time.
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