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BlockFi

While the crypto market has been extremely volatile, not much has been happening with BlockFi. The only new post on the company’s blog in the last 4 weeks is that BlockFi is now using the Symphony platform to “streamline and improve our communication and collaboration with institutional clients.” Doing some quick research, it seems like a lot of major banks use Symphony.

Since BlockFi aims to bridge traditional institutions with cryptocurrencies, I believe this move could work out in its favor. Symphony is used by many other institutions due to the layers of security and encryption provided between communications. With BlockFi’s history, it seems like a move in the right direction.

C1S BlockFi Video

Take a look at CryptoOneStop’s most recent BlockFi video to learn more about the platform. In addition, there is an exclusive promotional code that will get you a 25 USD bonus after depositing 500 USD or more onto the platform.

Click here to activate your promotional 25 USD bonus with BlockFi today!

Interest Earned

It has been 4 weeks since the last BlockFi report and during that time my portfolio gained roughly 142 USD—an 11% increase. I track my progress with each lending platform using a Google Spreadsheet.

With the current market fluctuations and all else considered, I was surprised my portfolio was up 11%. Bitcoin (BTC) is sitting at 10.5k USD while Ethereum (ETH) is at 350 USD. Both of these assets make a majority of my BlockFi portfolio and it is clearly reflected in my portfolio. As a HODLer, I just sit back and watch my account compound and grow.

Conclusion & Prospect

Compared to traditional financial institutions like banks, BlockFi is a clear winner if you want to earn interest on your deposits. Savings accounts with banks require lockup periods while yielding ridiculously low APR (Annual Percentage Rate). Some banks will provide bonus incentives on large deposits—I have gotten several offers such as a 250 USD bonus for depositing 25k USD for 3 months. To consumers who are unaware of the rates provided in the crypto space, making 250 USD for a 3 month deposit looks great on paper. However, that 25k USD could be compounding on platforms such as BlockFi or Celsius Network for a much better return.

I consider BlockFi as a long-term savings account that provides way better yields than traditional institutions. If you are a HODLer like me then it makes sense to set aside some funds that remain untouched. BlockFi has stepped up its security ever since the SIM swap incident so withdrawals may require additional verification before they are processed. My previous withdraw of over 4000 USD was flagged so I had to upload a photo of my ID card (driver’s license) and a facial scan using my laptop’s camera. Even though the withdrawal process had additional steps, my funds were processed the following day.

Depositing funds intoBlockFi is simple and straight forward now that they accept ACH (Automated Clearing House) or by wiring funds. In the beginning you could only deposit cryptos such as BTC, ETH, or stablecoins. But with this change you can deposit USD onto the platform and it automatically converts it into GUSD (Gemini Dollar)—a stablecoin. From there you can earn 8.6% APR on GUSD or convert GUSD into any of the other cryptos supported by BlockFi. I remember back in the days I had to use Coinbase as an onramp by purchasing USDC (USD Coin) or depositing BTC which I converted into stablecoins—each of these steps required a fee so by reducing the number of transactions, users are saving money on fees.

In terms of best APR, BlockFi could use some improvements. With platforms like Celsius Network, Crypto.com, Bitrue, and plenty of others offering roughly 2-5% more APR on crypto assets, BlockFi will have to make the necessary changes to keep current users from migrating to its competitors. However, keep in mind that BlockFi does not require a utility token compared to many of these other platforms and so it may be a great initial platform for new investors in the crypto space. With that being said, I will continue to keep some funds on BlockFi to spread my risks across multiple interest-earning platforms.

What I Am Doing

This section is dedicated to paid subscribers as I will go into details of what moves I am making with my interest-earning portfolios.

You are currently reading the Free Version. If you would like more information, please consider switching to a paid subscription.

Each week I will report on a different interest-earning platform that I use—mainly, Celsius Network, Bitrue, Crypto.com, and BlockFi.