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Is BlockFi Safe, Legit, and Worth Your Time?
BlockFi was founded in 2017 by Zac Prince and Flori Marquez. The mission being to provide credit services to markets that currently have limited access to products such as simple savings accounts.
BlockFi’s unique proposition and what sets it apart from other crypto asset service providers is that the company pairs market-leading rates with institutional-quality benefits. The company is the only independent lender with institutional backing from investors that include Valar Ventures, Galaxy Digital, Fidelity, Akuna Capital, SoFi and Coinbase Ventures.
- It provides investors with moderate returns on their digital assets (mainly Bitcoin, Ethereum, and GUSD).
- Your digital assets are said to be very secure; the Gemini Trust Company secures all crypto held by BlockFi under the regulation of the New York Department of Financial Services.
- It is readily available in any country; except those that have been sanctioned or are on a watch list.
- Easy withdrawal at any time. There is one free withdrawal available to users monthly.
- Ease of access and registration.
With a juicy interest rate and one which is quite competitive in both the crypto and traditional currency market, the BlockFi interest account seems very attractive. BlockFi also provides loans to interested parties which are obtained from the borrowed digital assets. This guide is to give a brief overview of BlockFi, its security, and how it operates.
BlockFi Asset Review and ROI
BlockFi offers a moderate return on your digital assets, especially when you earn little to nothing on an interest-free wallet.
- Bitcoin: Account holders can get up to 6% in returns annually on deposits less than 5BTC. Anything above this attracts a 3.2% interest rate.
- Ethereum: Account holders are rewarded with around 5.25% interest annually if they deposit up to 500ETH, anything higher than that gets a 0.5% reward.
- Litecoin: Litecoin holders get interests of about 5% on all investments.
- USDC stable coin: This coin attracts a rate of around 8.6% interest rate on any amount funded.
NB: Please note that interest rates, withdrawal limits, and fees are subject to change.
BlockFi Interest Account
Clients can deposit their crypto and earn interest. Paid out at the beginning of every month, the interest earned by account holders compounds, increasing the annual yield for their clients.
Read the full review on Decentralised Africa