BlockFi is cryptocurrency exchange and crypto-backed lending platform.
Launched in 2017 by co-founders Zac Prince and Flori Marquez BlockFi has grown to become one of the biggest and most trusted brands in the Bitcoin space.
Based in New Jersey, BlockFi offers financial products designed to help hodlers do more with their Bitcoin and other digital assets.
BlockFi services individuals and businesses worldwide, and in all 50 US states, with offerings including fee-free trading, interest-bearing accounts, and low-cost USD loans secured with crypto.
Anyone wanting to buy Bitcoin with BlockFi can do so with a bank wire. BlockFi advise its international customers to send USD, as that is the currency in which your wire will be converted into and you might be charged more if you send something other than USD.
BlockFi also offers USD loans backed by cryptocurrency with an interest rate starting at 4.5%, and an interest bearing account in which you’re paid interest on a monthly basis.
The interest is paid monthly in the cryptocurrency of your choice and it compounds. For a Bitcoin interest account it works out at about 6% per year, but the interest paid on GUSD and USDC stablecoins compound at 8.6% per year.
BlockFi is also the only independent lender with institutional backing from investors that include Morgan Creek Digital, Galaxy Digital, Fidelity, ConsenSys Ventures, Coinbase Ventures, Winklevoss Capital and two prestigious university endowments.