I've read a lot of comments and watched a lot of videos about BlockFi and people seem to have different and sometimes polarised opinions. Some crypto purists don't like it because they consider it the exact opposite of what DeFi is supposed to be. They have a point, to a point. They also say that their referral programme keeps adding fuel to support the platform's growth. And again that's also partially true because BlockFi allows you get up $250 for free (depending on how many funds you add with your first deposit).
BlockFi allows you to store 10 different coins - Ethereum, Bitcoin, Litecoin, Dai, Chainlink, Basic Attention Token, BUSD, GUSD, Paxos and Uniswap and earn interest on them. You get 4.5% on BTC, 5% on ETH and 3.5% on LTC (they've recently lowered it, it was over 4% until a few weeks ago), 3.25% on Uniswap, 1% on BAT, 2.5% on Chainlink and 9% of the others.
I've been using it for a few months and I like it because it's user-friendly, simple to use and you can choose to have your interests paid in a specific coin (or in the same currency as the one you've deposited). I usually change it every month, at the moment, my interest is paid in Chainlink.
Now BlockFi wants to up the ante with a new BlockFi Wallet. It's not ready yet, but I'm assuming it will be available in the coming weeks. BlockFi says the new wallet will allow you to "buy, sell and store cryptoassets" and that you will be able to "transfer funds between your wallet and your interest account."
It's true, BlockFi is a bit too centralised but I think it's a good platform, when all is said and done, and I'm curious to try it out. I'll keep you posted.
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I've crossposted this article on my blog bitcoinea and LeoFinance