Founders And Funders

Banks have been wary to count cryptocurrencies like Bitcoin and Ether as solid assets when generating loans, so BlockFi's Zac Prince developed a new kind of lending platform that welcomes alternative assets. Subscribe to Founders and Funders on iTunes, TuneIn, Stitcher, Google Play, iHeartRADIO, and Android Podcast Players. Episode Summary In 2015, Zac Prince started investing in Bitcoin and other blockchain technologies, and by 2017, cryptocurrency value in aggregate crossed the $100 billion mark. Prince was proud of his investments, but a curious thing happened when he listed the assets on a loan application for an investment property. The bank "freaked out," according to Prince, and lenders accused him of being involved in illicit activities. The timing proved serendipitous, however. Prince had already been exploring alternative lending business models and areas of the financial ecosystem in which banks are less active or not active at all. "I had a light bulb moment," he says. "Companies like SoFi, Len