New York-based crypto startup BlockFi announced Thursday a $1.5 million seed round of funding, led by Brooklyn’s own ConsenSys Ventures.

The funding round indicates a further maturation of the cryptocurrency world, as BlockFi’s product is essentially margin lending backed by crypto assets.

“We were drawn to BlockFi’s compelling use case and the gap they are filling in the ecosystem,” ConsenSys Ventures Founding Managing Partner Kavita Gupta explained in an email. “Despite what you see sometimes in the news, crypto assets possess real, tangible value and should have the ability to be lent against like any other asset.”

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