Tag: BlockFi

Crypto Lending Firm BlockFi Raising Interest Rates on BTC and ETH

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Clients of one crypto lending company may soon notice some changes in response to the recent drops in the market.  Starting on April 1, BlockFi will be raising the interest account rates on Bitcoin (BTC) and Ether (ETH).  According to CEO Zac Prince, BlockFi users holding between 0-5 BTC now will earn a 6% annual percentage yield (APY), while those with up to 500 ETH will earn a 4.5% APY. Stablecoins like the Gemini Dollar (GUSD) and USD Coin (USDC), will retain their 8.6% APY interest rates. Why are the…

Crypto Lending Firm Blockfi Adds Support For Buying Cryptos With Cash

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Cryptocurrency-backed lending startup Blockfi added support for buying cryptocurrencies such as Bitcoin with cash on the platform. The purchase can be made by sending cash through wire transfer. Blockfi said the customer can send US Dollar wires to the platform to purchase stablecoin in the form of Gemini Dollars (GUSD), and begin earning up to 8.6 percent on USD-denominated assets. Currently the default Stablecoin for BlockFi Wire purchases is GUSD, each of which is backed by one USD. The USD deposit will appear in the form of GUSD in the…

Bitcoin Lender BlockFi Raises $30M in Series B Led by Peter Thiel’s Valar Ventures

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Fresh on the heels of an $18.3 million Series A funding round last August, crypto lending startup BlockFi has secured a $30 million Series B. Announced Thursday, the new funding will help the firm expand both its product offering and geographic footprint.  “We decided to opportunistically raise the Series B to expand the balance sheet and give ourselves the ability to invest in the things we’re doing this year,” BlockFi CEO Zac Prince said in an interview.  The Series B was led by Peter Thiel’s Valar Ventures with participation from…

BlockFi Includes Litecoin and USDC in Lending Portfolio

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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…

Crypto Lending Firm BlockFi Adds Support for Litecoin and USD Coin

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Major cryptocurrency lending company BlockFi has added support for two new assets to its list of supported digital currencies. According to a press release shared with Cointelegraph on Jan. 8, the firm has added major altcoin Litecoin (LTC) and USD Coin (USDC) — the dollar-backed stablecoin from major United States-based cryptocurrency exchange Coinbase.  The new additions mean that BlockFi users can now trade and receive loans as well as interest with the aforementioned cryptocurrencies. Clients can earn monthly compounding interest through the BlockFi Interest Account (BIA). USDC carries an annual…

BlockFi Adds Litecoin, USDC to Its Lending Product Suite

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Crypto lending startup BlockFi now supports litecoin and dollar-backed stablecoin USD Coin (USDC) on its platform, enabling users to earn interest on, trade and receive loans backed by the assets. The initial annual percentage yield on the assets will be 8.6 percent for USDC and 3.78 percent for litecoin.  In 2020, the company aims to add five to 10 new assets including USDC and LTC and is looking most aggressively at the top 20 cryptocurrencies by market capitalization and U.S.-domiciled dollar-backed stablecoins, said Zac Prince, BlockFi’s CEO and founder. USDC…

Winklevoss-Backed BlockFi to Launch Bitcoin (BTC) Rewards Credit Card in 2020

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Cryptocurrency lending startup BlockFi is set to expand its suite of products in 2020, starting with a Bitcoin (BTC) rewards credit card, Cheddar reports, January 2, 2020. BlockFi to Expand Its Crypto Arsenal BlockFi, a U.S.-based digital currency lending firm backed by the Winklevoss brothers has stated that it will introduce a Bitcoin rewards credit card in 2020 to attract more consumers toward the rapidly developing cryptocurrency space. An official email from the company’s founders stated: “You’ll be able to spend money on your BTC rewards credit card like you…

BlockFi to Offer First Interest-Bearing Crypto Accounts in Washington State

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Cryptocurrency lending firm BlockFi announced in an email that it obtained a money transmission license (MTL) in the state of Washington in the United States. The firm explained that the license will allow BlockFi to be the first crypto company eligible to offer interest-bearing crypto accounts to Washington state residents. Furthermore, Washington residents will also have access to the firm’s trading service. The trading platform was announced by the firm last week. At the time the firm also noted that it was pursuing licenses to offer the service as broadly…

BlockFi Offers Zero-Fee Trading for Bitcoin, Ethereum and GUSD Stablecoin

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Premier cryptocurrency lending service BlockFi has introduced a new feature. It is trading at no fees for Bitcoin, Ethereum and the stablecoin GUSD. The startup has been known to allow users access to returns on their cryptocurrency holdings by offering loans to borrowers against users’ cryptocurrency holdings and then passing across the returns in terms of interest on the loans while securing the crypto assets that were used as security for the loans.  While this model is known to have been extremely successful, the startup has gone one level further…