Blockfi's Great Rise and Even Greater Escape
Inc.|September 2022
It was the country's fastest-growing private company until the crypto winter blanketed the sector. Here's how an innovative financial startup is succeeding through good, old-fashioned fundamentals.
By Bill Saporito
Blockfi's Great Rise and Even Greater Escape

Anticipation was bubbling for Collision, Toronto's annual tech-veneration fest, and it seemed the perfect stage for young fintech star Flori Marquez, co-founder of BlockFi, who was expected to be one of this year's headliners. It was the first in-person Collision in three years, during which time great leaps had been made in areas such as Web3, artificial intelligence, machine learning, and cryptocurrency. Marquez filled the bill perfectly. The daughter of Argentinian immigrants, she had eschewed a traditional path to banking to dive into crypto finance, and the company she helped create in 2017 had become one of the cryptoverse's comets. But days before the conference kickoff on June 20, her name suddenly disappeared from the program. That included her spot in a session called "What to Feed a Growing Unicorn."

Perhaps because in the weeks preceding Collision, BlockFi ceased to be a unicorn-it had been valued as high as $3.8 billion in 2021-sending Marquez off the stage and into the biggest drama of her business life. In January of this year, she and her co-founder, Zac Prince, were running the fastest-growing company on the Inc. 5000. In February, they signed a consent decree with the Securities and Exchange Commission that, while it hobbled one of their most popular products, paved the way, they thought, for the regulatory oversight they'd long sought. They were going legit.

But by June, they would find themselves swimming against a tide that was dragging the entire crypto industry under. "What I love most about my job is that I get a new job [all the time]," she mused in an interview with Inc. in late July. "It used to be every six months. Now it's every month." That was just after crypto platform FTX, and its founder, Sam Bankman-Fried, threw BlockFi the life preserver that will let it return to a growth path: a $400 million line of credit, in return for an option to buy the firm.

Bu hikaye Inc. dergisinin September 2022 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

Bu hikaye Inc. dergisinin September 2022 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

INC. DERGISINDEN DAHA FAZLA HIKAYETümünü görüntüle
A Bankable Pet Project - How Moonshots Capital helped eTailPet scale up and attract a buyer in just three years.
Inc.

A Bankable Pet Project - How Moonshots Capital helped eTailPet scale up and attract a buyer in just three years.

Berenice Giannini's startup, eTailPet, wasn't a natural fit for Moonshots Capital. The Austin-based venture firm, launched in 2014 by Kelly Perdew and Craig Cummings, both of whom had previously served in the U.S. Army, frequently backs companies founded by military veterans.

time-read
2 dak  |
November 2024
Backers Should Have Your Back - The best capital provider for your business will offer a helping hand, not just deep pockets.
Inc.

Backers Should Have Your Back - The best capital provider for your business will offer a helping hand, not just deep pockets.

Three years ago, U.S. entrepreneurs were enjoying one of the best funding environments in decades. Venture capital and private equity hit all-time highs as banks loaned at historically low interest rates. All you needed to get a term sheet, it seemed, was a smile and a pitch deck.

time-read
5 dak  |
November 2024
Lift Off - Would you pay $50,000 to touch the edge of space?
Inc.

Lift Off - Would you pay $50,000 to touch the edge of space?

Would you pay $50,000 to touch the edge of space? Meet the entrepreneurs providing a rarified clientele with a luxurious, once-in-a-lifetime journey.So you want to go to space. To take in the expansive curvature of the Earth glowing miles above the atmosphere, surrounded by pure darkness. To experience the mind-altering overview effect described by astronauts as a transcendent state of awe, staring back at the planet on which you've inhaled your every living breath.

time-read
10+ dak  |
November 2024
There Will Always be Those Who Doubt You and Your Vision. Here's How to Tune Them Out. - Recently, I invited an experienced luxury hotelier to visit the new campus we were building near Santa Fe for Modern Elder Academy,
Inc.

There Will Always be Those Who Doubt You and Your Vision. Here's How to Tune Them Out. - Recently, I invited an experienced luxury hotelier to visit the new campus we were building near Santa Fe for Modern Elder Academy,

Recently, I invited an experienced luxury hotelier to visit the new campus we were building near Santa Fe for Modern Elder Academy, the midlife wisdom school I co-founded in 2018.

time-read
3 dak  |
November 2024
A Scientific Discovery that Unlocks Your Body's Healing Power
Inc.

A Scientific Discovery that Unlocks Your Body's Healing Power

The founder of Stemregen, a company that creates powerful supplements that stimulate the body's natural repair system, explains how a \"fringe idea\" opened up a new world of stem cell therapy.

time-read
2 dak  |
November 2024
Transformative Growth: Agency Masters the Art of Evolution
Inc.

Transformative Growth: Agency Masters the Art of Evolution

As a destination marketer, Awestruck has mapped out a journey to success by constantly developing its services and its staff.

time-read
3 dak  |
November 2024
For the Love of the Restaurant Experience
Inc.

For the Love of the Restaurant Experience

The founder and CEO of DJB Hospitality shares his passion for the challenging and uniquely rewarding hospitality industry.

time-read
2 dak  |
November 2024
Custom PEO Solutions for Blue-Collar Industries
Inc.

Custom PEO Solutions for Blue-Collar Industries

COMPEO is an HR management solutions provider with a jaw-dropping five-figure growth rate.

time-read
2 dak  |
November 2024
Homebuying Was BrokenMeet the Founders Here to Fix It
Inc.

Homebuying Was BrokenMeet the Founders Here to Fix It

Cecilian Partners is a fast-growing technology firm providing end-to-end solutions for production homebuilders and land developers.

time-read
2 dak  |
November 2024
A Focus on Complete Solutions for Regulatory Environments
Inc.

A Focus on Complete Solutions for Regulatory Environments

The Northcross Group develops sustainable processes for clients with compliance needs.

time-read
2 dak  |
November 2024