About BlockFi
BlockFi is a cryptocurrency financial services platform established in 2017 and has its headquarters in New York City. The company is privately held. Users can deposit a variety of crypto tokens, including Bitcoin and Ethereum, as well as stablecoins, such as USDC, into BlockFi's Interest Account product, which then earns interest on these deposits. They then put these assets to use by offering crypto-backed loans to reputable institutions and corporations looking for financing.
How does BlockFi work?
BlockFi is a cryptocurrency exchange and wallet that services customers worldwide, be they individuals or businesses. It provides customers with the opportunity to earn income on their accounts, portfolio-backed loans, and commission-free trading. You can fund your account with U.S. dollars, cryptocurrencies, or stablecoins, just like many of the finest cryptocurrency exchanges allow you to do.
Current BlockFi Interest Rates
According to
Coinloan reviews, the table below represents the currencies available with a BlockFi Interest Account and the interest rates that BlockFi yields.
| Currency | Interest Rates |
| BTC ( 0 to 0.1) | 3% |
| BTC (0.1 to 0.35) | 1% |
| BTC (> 0.35) | 0.1% |
| ETH (0 to 1.5) | 3% |
| ETH (1.5 to 5) | 1.5% |
| ETH (> 5) | 0.25% |
| LTC (0-20) | 2% |
| LTC (> 100) | 0.1% |
| LINK (0-100) | 1% |
| LINK (> 500) | 0.1% |
| USDC (0-20,000) | 7% |
| USDC (>2,000,000) | 5% |
| GUSD (0-20,000) | 7% |
| GUSD (> 2,000,000) | 4% |
| PAX (0-20,000) | 7% |
| PAX (> 2,000,000) | 4% |
| PAXG (0-1,5) | 1% |
| PAXG (> 5) | 0.1% |
| USDT (0-50,000) | 7.5% |
| USDT (> 50,000) | 5% |
| BUSD (0-20,000) | 7% |
| BUSD (> 2,000,000) | 4% |
| DAI (0-20,000) | 6% |
| DAI (> 2,000,000) | 3.5% |
| UNI (0 to 100) | 1% |
| UNI (> 500) | 0.1% |
| BAT (0 to 4,000) | 0.1% |
| BAT (> 20,000) | 0.1% |
However, you should note that BlockFi's interest rates are subject to change.
How to use BlockFi Interest Accounts
Coins you've acquired or deposited on the exchange are kept in this account, which pays interest on the balance. It functions in a manner not dissimilar to conventional savings or investment accounts. One significant distinction is that the FDIC ensures the funds you deposit in a bank account for a maximum of two hundred and fifty thousand dollars if the bank fails. Likewise, any cash held in a brokerage account is safeguarded by the Securities Investor Protection Corporation (SIPC) insurance. However, if you choose to invest your funds in a BlockFi Interest Account, you will not have access to these safeguards. You are only allowed one withdrawal of cryptocurrencies and one of the stablecoins each month. After that, there will be a fee associated with each withdrawal you make. Plaid is a startup that enables apps to transfer data to and from your bank safely, and it allows you to make automatic transfers to any bank account connected to Plaid. You also can create an account for your company or corporation. It operates the same as a personal BlockFi Interest Account, although the entity's name appears on the account. It necessitates the submission of additional documentation and a more drawn-out verification procedure. After you have submitted your application, a member of the compliance team at BlockFi will contact you to assist you with the remaining steps of the sign-up procedure. By the way, with the
BlockFi promo code, you'll get a sign-up bonus.
BlockFi Stablecoin Interest
The BlockFi stablecoin interest rate has been updated. The image below has provided the information.
When does BlockFi pay Interest
The interest you earn starts to accumulate the day after you make a deposit and it compounds monthly, unlike other
Bitcoin loan platforms, BlockFi generates interest revenue by making loans to institutional and corporate borrowers who provide significant levels of collateral. It keeps reserves with a New York trust corporation, Gemini, and other third parties; this allows it to fund your withdrawals as necessary. Customers can open a BlockFi Interest Account in most countries and all states of the United States, except for New York.
BlockFi Yield Account
CEO Zac Prince said that BlockFi Yield is a new, SEC-registered crypto investment vehicle that will let customers make money on their crypto assets.
BlockFi GUSD Interest
| GUSD (Tier 1) 0 - 20,000 | 7% |
| GUSD (Tier 2) 20,000 - 2,000,000 | 5% |
| GUSD (Tier 3) > 2,000,000 GUSD | 4% |
