American crypto lending platform, BlockFi is planning to launch its retail services in several European countries in the first quarter of next year.
As reported by The Block, the crypto company’s vice president for Europe and Asia, David Olsson, confirmed this move by the New York-headquartered firm. His appointment to the company in May was also strategic to expand BlockFi’s international reach.
The crypto company already started to test its retail products in Italy and is targeting another two countries, Switzerland and the Netherlands, for its launch.
“They’re large enough markets that it’s worth our while to go in and put the resources to work to get traction there, and there is also the regulatory certainty that they’re more pro-crypto and it’s a stable regulatory environment,” the crypto publication quoted Olsson.
Stays Out of the UK
BlockFi has a team in place in the United Kingdom, but the company shelved its plans to offer its services in the country. Though the reason behind that is not clear, Olsson hinted at the effects of the Financial Conduct Authority’s ban on retail crypto derivatives products behind its decision.
BlockFi launched its service in March 2019, offering loans to those interested in borrowing crypto, starting from $2,000, and up to as much as $100 million, against bitcoin, Ethereum, and stablecoins.
Additionally, it offers crypto interest-bearing accounts, offering interests on the crypto deposits of its clients and trading services as well.
Though BlockFi’s services are not targeted by the UK’s regulator, Olsson pointed out that the FCA’s decision made the UK crypto industry complicated.
BlockFi grabbed headlines earlier this year as the startup raised $50 million in its Series C funding round led by asset management firm, Morgan Creek Digital. The startup is well funded and raised over $158 million to date, according to Crunchbase.