Two New Coins Added
The two new coins are going to be $LINK and $BUSD (Binance's USD-backed stablecoin). Although I do not own either of those coins it is great to see that BlockFi is listening to the community. There were a lot of requests for $LINK to be the next coin available on BlockFi, and it looks like they were able to pull through. There was not as much of a strong response to the $BUSD announcements, but I personally think adding different options for stablecoins is great. Along with the fact that Binance itself is very well known in the crypto world.
It looks like these two new coins will go live on March 2nd. It's odd that they didn't start on the first of the month, but perhaps getting all interest payments sorted out on the first would make this update go smoothly. Either way, they aren't making us wait long at all to take part in the new coins after announcing. Less than 24-hours is a lot less time than some projects will make you wait. Sometimes it can be bad to announce too far in advance because a project might fall through. Yikes.
Between new coins and a future release of the BlockFi credit card, there is a lot of movement going on within the BlockFi ecosystem. I even saw that they were hiring for a lot of new customer service type of roles. Sounds like the amount of accounts that BlockFi has is growing greatly. Good news for those of us that are already deep into their ecosystem and products. Personally, if I knew more about crypto and was in the job market, I would think about applying for that position. Unlimited vacation and sick days, and a 401k? Sounds pretty good to me.
Currently, I only had $GUSD within my BlockFi account, as far as stablecoins go. I am earning 8.6% on stablecoins no matter what route I take so I will just leave them in $GUSD for now. I was hoping the Binance token would come with the $BUSD but maybe that can be something done in the future. As for $LINK, I have not done enough research on the topic to make an informed decision, but I know that it is a popular coin and has been around for a while. If it is in the peoples' mouths then it cannot be that bad!
I will admit, I was hoping to see $BCH make its' way to BlockFi but I wasn't so lucky this time around. A lot of people were also anticipating $DOGE being added, but I feel like that meme coin is getting a lot of mixed media coverage right now and BlockFi probably does NOT want that with their brand right now. Although, I am sure that can change in the future. I know it is harder for BlockFi to get the proper permissions to trade these securities since the SEC is strict in the US. This is typically why you can find exchanges that aren't based in the US being able to offer far more coins.
As long as the customer service and the reliability of the BlockFi platform stay the same or increases, I will gladly stay with them even if some people think their variety of options is limited. I've been with them for a year now and have earned ~$400 in crypto. Hoping to add another $800 in 2021. Right now when my fiat is limited, it is nice to see the interest payments reinvest into the same security. Especially during such a volatile moment in the crypto market. Let the machines do the investing, not my emotions!
So what do you think of the news of these two coins? Do you see yourself sending yours over to BlockFi to help you earn some interest in your idle tokens? I know I would if I had some and I had an easy means to get them over to BlockFi. Let us know your thoughts in the comment below!