Launched in 2017, BlockFi is a popular crypto platform that allows you to earn, buy and sell cryptocurrency. The platform’s trusted by more than 1 Million verified clients and 350 international institutions. The platform allows high-interest accounts and allows its clients to acquire loans against the value of their coins.
BlockFi scored a $350 million investment among crypto businesses at a $3 billion valuation in March. The financial services company offers trade execution to their clients and institutions participating in the digital asset market.
Crypto Lending and Borrowing
Crypto lending and borrowing is a modern method of earning money from your cryptocurrency, which you’re not actively using. With this strategy, you offer cryptocurrency to someone and earn interest in exchange.
Similarly, if you need cryptocurrency but don’t plan to keep it for a longer time, you can borrow it from another user and pay them an interest rate in exchange for the service.
How Does BlockFi Work?
BlockFi is a cryptocurrency lender that allows users to lend out their crypto at high-interest rates to corporate and institutional borrowers. The platform keeps a portion of these interest payments and shares the rest with users who open an interest account or take out loans. You can also use BlockFi to trade cryptocurrency to another currency, get a loan in cash against your crypto, or earn bitcoin rewards on your purchases using your BlockFi credit card.
Its main features include;
- BlockFi Interest Account (BIA)
- Crypto-Backed Loans
- Crypto-to-crypto Trading
- BlockFi Credit Card
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Top Perks of Using BlockFi
BlockFi stands apart from other platforms because it’s not very costly and has no hidden charges. BlockFi is the only platform that allows its clients to create a crypto deposit account with compound interest. This implies that your monthly interest-earning goes back to the original pool and consistently compounds to help you grow your cryptocurrency holdings over time. You can earn 3% to 8.6% compounding interest on your cryptocurrency assets.
There’s no minimum balance required to starting earning compound interest on BlockFi. Issued by Evolve Bank & Trust, BlockFi credit cards allow you to earn a 1.5% cashback on every purchase. The amount is automatically converted to bitcoin and transferred monthly to your BlockFi account.
Need Help?
At Urban Crypto, we help our clients get started with BlockFi and guide them to cryptocurrency basics so they can make money online with bitcoin.
Please have a look at our blogs for more information!
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