About BlockFi
Although BlockFi is a privately held company, it has the backing of financial behemoths like Fidelity and SoFi. This implies BlockFi has a product lineup that is similar to what you’d find at a major corporate bank. The way BlockFi issues loans, on the other hand, is where it differs from regular banks. Cryptocurrency loans are secured by digital assets, ensuring that the loan is repaid in the event of failure. Investors are prepared to put up this collateral in order to leverage their cryptocurrency investments or withdraw cash without having to sell their coins. By conforming to US law and banking laws, the platform goes above and above to safeguard its clients.
It remains independent in order to deliver the best prices but collaborates with well-known institutions to ensure that your crypto assets perform at their best all of the time.
Its diverse strategy ensures the safety of your valuables. BlockFi ensures that you can always access your cash since they’re protected by a substantial quantity of collateral.
Products on the market
Interest Account using BlockFi
You may earn interest on your bitcoin balance with the BlockFi Interest Account (BIA). By putting your bitcoin in a BlockFi Interest Account and earning passive interest in cryptocurrency, you can see your bank account grow. The interest you’ve earned in your position rises in tandem with the value of the digital asset you used to finance your account.
Interest rates on a variety of cryptocurrencies, including BTC, ETH, LTC, LINK, PAX, and others, grow to up to 7.5 percent when appropriate.
This account is completely free to use, and there is no obligation for a minimum balance. In three easy steps, you may open an account: Fill out the form and fund your account with cryptocurrencies or stable coins (a type of cryptocurrency tethered to an asset marker like the U.S. dollar). Begin earning monthly compounded interest on your preferred cryptocurrency (Bitcoin, Ether, or Stablecoins).
You can also use BlockFi’s handy interest calculator to estimate how much you’ll earn overtime on a specific bitcoin balance in your BIA. With BlockFi, both your money and data are secure, allowing you to invest with confidence.
Trading Account
BlockFi Trading allows you to trade among your various assets directly from the BlockFi interface. This is an easy-to-use trading platform that allows you to earn interest on your assets as you trade.
To trade, first, choose the currency you’d like to receive and pay in. You’ll input the amount you want to buy and then press swap, exchanging your fiat currency (government-issued money that isn’t backed by an asset like gold) for a cryptocurrency.
Loans Backed by Cryptocurrencies
Another fantastic aspect of BlockFi is the easy liquidity of your crypto assets via its crypto-backed Loans. Instead of selling your Bitcoin for cash, use BlockFi to borrow up to 50% of the value of your cryptocurrency. Plus, as long as you repay your loan, you won’t have to pay taxes on your crypto holdings!
This loan is taken out against your cryptocurrency balance, with interest rates as low as 4.5 percent. Depending on the amount of the loan and whatever cryptocurrency you’ll use as collateral, your rate and collateral size requirements will change.
Many investors utilize the cash from these loans to diversify and increase their portfolios by investing in other crypto assets.
Bitcoin Rewards Credit Card
The wait is finally over! Take a look at the first credit card that allows you to earn Bitcoin rewards. For the first three months, you may earn 3.5 percent in Bitcoin on all purchases with the intro offer. Following that, you’ll get 1.5 percent back in Bitcoin for your purchases.
Anyone who opens a BlockFi Interest Account and deposits money into it will be added to the Bitcoin Rewards Credit Card waiting list. The card will be available to citizens of the United States in a limited number of states starting in 2021. In addition, BlockFi is presently providing BTC incentives for using its platform. If you deposit $100, you’ll receive $15 in free Bitcoin!
