Cryptocurrency lender BlockFi is in discussions to "raise several hundred million dollars at a valuation near $5 billion," according to a report in The Information citing two unnamed sources.

The Silicon Valley tech publication said the hedge fund Third Point Management and London-based venture firm Hedosophia are spearheading the round, which will also include existing investors.BlockFi raised a $350 million Series D at what it said was a $3 billion valuation in March of this year.In August of last year it raised a $50 million Series C.The reported fundraising effort comes after Circle topped crypto fundraising rankings with a $440 million round late last month.It also follows a botched promotion that saw BlockFi incorrectly handing out whopping sums of bitcoin to its users.