BlockFi is an app that allows you to collect interest every month on cryptocurrencies that are left on deposit.
In order to take advantage of this service it is necessary to have a BlockFi Interest Account (BIA), thanks to which it is possible to deposit BTC, ETH, LTC, USDC, GUSD and PAX, and collect compound interest in cryptocurrency.
The platform also allows the purchase in fiat currency of the supported stablecoins, or USDC, GUSD and PAX, which can then be exchanged within the app in BTC, ETH, and LTC.
Simply by keeping Bitcoin, Ether, Litecoin, USDC and GUSD on the platform you earn compound interest, which in turn is paid in BTC, ETH, LTC, USDC and GUSD, every month. At this moment, for example, the annual active interest rate reaches up to 8.6%, and being variable, I will easily change over time.
To raise the level of security 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. Loans can be obtained up to half the USD value of the cryptocurrencies left behind the collateral, with same day bank transfer or stablecoin.
Therefore BlockFi functions 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.
It is a CeFi service, in some ways very similar to similar DeFi services, but which requires that customers grant custody of the assets to the platform itself.
Technically BlockFi is a crypto bank born in 2017 and based in New York, therefore it is a centralized entity that acts as an intermediary between creditors and debtors.
In 2018 the crypto startup raised $ 4 million thanks to Fidelity, from investors like 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.
The same BIA was officially launched by Fidelity in March 2019, initially with an annual interest rate of 6.2%.
At the time, a minimum deposit of 1 BTC or 25 ETH was required, but this limit was subsequently removed.
In February, the company announced that it had completed a new $ 30 million fundraiser, which this time was attended by Morgan Creek Digital, PJC, Akuna Capital, CMT Digital, Avon Ventures, Castle Island Ventures, Purple Arch Ventures. , Kenetic Capital, Winklevoss Capital, Arrington XRP Capital and HashKey Capital.
In fact, the company aims to offer a real mobile banking service, including a loan system, and a new bonus system.
To date, the company has already managed to manage over 650 million dollars deposited on its platform, with an increase in revenue of more than 20 times in 2019.
10$ bonus
If you register from HERE you'll receive 10$ of bonus. In order to obtain the bonus you have to deposit at least 100$ in one of the supported currency and leave them on the platform for 30 days and after that you will receive the 10$ bonus in Bitcoin.
