BlockFi brings crypto backed loans for those who wish to borrow FIAT currency by giving their cryptocurrency as a collateral.
The BlockFi Interest Account (BIA) lets you put your crypto to work and earn monthly interest payments in the asset-type that you deposit with BlockFi.
I was looking for something like this to write about since BTCJam shut down along with it's micro-lending features. BlockFi seems like a better working product for everyone.
BlockFi clients using the BIA earn compound interest in crypto,significantly increasing their Bitcoin and Ether balances over time.
BlockFi is also available to Indian users now. So if you are from India and want to earn some interest on your cryptocurrencies then you can check this out.
For years, crypto investors haven't had access to basic financial products in the blockchain ecosystem. BlockFi bridges this gap by providing access to high-interest crypto accounts and low-cost credit products to clients worldwide.
Bitcoin seems to have the most demand so this might work well for those of you holding BTC as the majority in your portfolio. If you are keen on using it to earn some interest then BlockFi might work well for you.
They charge 6% annual interest compounded monthly and you can get all the information about procuring a loan as well as earning interest on your cryptocurrencies here
I like their crypto backed loan feature and it looks quite promising.
There are many use cases for a service like this and you can find more details about it on the website. If you have used this platform kindly leave some feedback in the comments below.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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the very idea to use the instrument of post fiat and freeking bank controlled word to be used for loaning crypto for crazy returns seems to me to lack understanding of cryptocurrency and its intention and potential. One word chiefly comes to mine and is repugnant
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Don't forget to use a referral link when you join blockfi as you will get an extra $10 when you deposit $100
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You got a 35.35% upvote from @ocdb courtesy of @firepower! :)
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