BlockFi is an app that allows you to collect interest every month on cryptocurrencies that are left on deposit.

The platform also allows the purchase of supported stablecoins in fiat currency, namely USDC, GUSD and PAX, which can then be exchanged within the app in BTC, ETH, and LTC.

Simply by storing Bitcoin, Ether, Litecoin, USDC and GUSD on the platform, you earn compound interest, which is paid in turn in BTC, ETH, LTC, USDC and GUSD, every month. At this time, for example, the annual active interest rate reaches up to 8.6%, and being variable, it will easily change over time.

To raise the security level of token storage, BlockFi uses the well-known American exchange Gemini as its main wallet, and has the institutional support of investors such as Valar, Galaxy Digital, Susquehanna and Coinbase.

At the same time, the platform also allows you to obtain loans by giving cryptocurrencies as collateral, in order to obtain liquidity without having to sell them. It is possible to obtain loans of up to half the USD value of the cryptocurrencies left under collateral, with same-day disbursement by bank transfer or stablecoin.

Therefore, BlockFi works as a platform to provide or obtain loans in cryptocurrencies and stablecoins, thanks to an automated system that monitors positions 24 hours a day, 7 days a week.

This is a CeFi service, in some ways very similar to similar DeFi services, but which requires customers to grant custody of assets to the platform itself.

Technically, BlockFi is a crypto bank founded in 2017 and based in New York, therefore it is a centralized body that acts as an intermediary between creditors and debtors.

In 2018, the crypto startup raised $ 4 million thanks to Fidelity, from investors such as Akuna Capital, Susquehanna Government Products, LLLP, CMT Digital, Recruit Strategic Partners, Galaxy Digital Ventures, Morgan Creek Digital, and Devonshire Investors, a private equity group affiliated with the parent company of Fidelity Investments.

To date, the company has already managed over $ 650 million deposited on its platform, with an increase in revenue of more than 20 times in 2019.

I deposited my BTC taking advantage of a promotion by the end of October and in addition to having increased their value, my BTC began to accrue interest, which is currently 6% on BTC.

There is also the option to refer a friend.

Refer your friends and earn

For every person that signs up using your referral code and deposits $100 or more into their BlockFi Interest Account (BIA), you and that friend will each earn $10 in BTC.