Cryptocurrency has gone through a lot of new developments over the past few months and today, cryptocurrency lending company BlockFi made a major new announcement. The company, which operates its own platform, announced today that it has added support for two more digital assets.
Major Expansion
The company announced that from now on, loans can be disbursed in the form of Litecoin as well as in the stablecoin USDC. USDC is backed by the United States Dollar. This is a significant development for Litecoin and USDC, as both those cryptocurrencies will now be made available to a wider pool of customers.
In addition to the digital assets added today, the other cryptocurrencies in which loans are made from the BlockFi platform include Gemini Dollar, Ethereum, and Bitcoin. However, it is important to note that the platform is not only meant for lending purposes. Customers will also be able to trade in these cryptocurrencies and earn interest on what they store in their wallets. In order to earn interest, a customer would have to create a BlockFi Interest Account and get to earn monthly compound interest on their holdings.
The annual percentage rate for Litecoin holdings has been pegged at 3.8%, while the same for USDC has been set at 8.6%. This marks another major development for not only these two digital assets but also for the entire crypto sector. Litecoin is one of the biggest cryptocurrencies in the world, and the fact that the availability of the coin is expanding is a major development for the token’s fans.
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While the crypto industry has had its ups and downs, the crypto lending industry has grown at a fair clip. In fact, it has been one of the best performers in the entire industry. Much of that is due to the bearish patterns in the market in 2018 and the latter half of 2019. BlockFi has been one of the beneficiaries of the market as well.
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