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BlockFi Review & Tutorial

BlockFi Review: Earn Interest, Borrow & Trade Crypto

Written by LouiseElizabeth

9th August 2020

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In this BlockFi Review, I show you how you can earn interest, borrow, and trade crypto. I take you through an overview of BlockFi, then deposit crypto before showing you how to place a trade.

Founded in 2017, BlockFi is a New York City-based lending company that offers competitive interest-bearing savings accounts for cryptocurrencies, including  Bitcoin, Litecoin, Ethereum, and USD stable coins like GUSD, USDC, and PAX.  BlockFi generates interest on assets held by lending funds to institutional and corporate borrowers. With Interest being accumulated from the day the platform receives your deposits. Plus they’re backed by some of the world’s top investors including Peter Thiel’s Valar Ventures. Who co-founded Paypal, and was the first investor in Facebook.

Unlike nearly all of BlockFi’s competitors, they don’t offer native tokens and they offer simple products, with simple terms designed to help cryptocurrency holders to do more with their digital assets. The company currently services clients worldwide, including 49 U.S. states, with interest-earning accounts and low-cost USD loans backed by crypto.

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Now one thing to mention is that it’s not decentralised however BlockFi is still one of the most popular companies offering cryptocurrency-backed loans. And they’re registered with the U.S. Department of Treasury Financial Crimes Enforcement Network (“or FinCEN”) as a money services business.  BlockFi keep reserves stored with the crypto custodian Gemini, a New York trust company regulated by NYDFS.

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