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BlockFi

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Since bitcoin, the first decentralized cryptocurrency was created in 2009 by the pseudonymous developer Satoshi Nakamoto, a lot of cryptocurrencies have sprung up. More developers have invested a lot into building these cryptocurrencies (called altcoins) largely because of the massive success bitcoin had.

Bitcoin’s success was possible because people had lost faith in centralized institutions and their ability to make the right choices concerning people’s money. For a while, people have enjoyed trading and saving their money as decentralized cryptocurrency instead of fiat money.

However, there are a lot of people looking to enjoy some of the benefits of traditional banking, like earning yield on their crypto account and collecting crypto loans. BlockFi is one of the many good platforms that offer centralized finance services like crypto interest accounts and crypto loans to people who want them.

This article is a clear and unbiased review of BlockFi, one of the best Centralized Finance (or CeFi) platforms in the world. We will look at what they do, how to sign up with them, how their interest rates hold in comparison to other platforms, and some of the pros and cons of using their platform to save your cryptocurrency.


What is BlockFi ?


BlockFi is a Centralized Finance global platform that offers crypto interest accounts, crypto trading, and crypto loans to people and institutions who want to trade crypto with banking perks.

It was founded in 2017 by Zac Prince and Flori Marquez for the purpose of offering credit services to markets with limited access to those financial products. BlockFi has a credible team of blockchain professionals in offices all around the world: New York, New Jersey, Argentina, Poland, and Singapore.

Centralized Finance platforms are platforms that offer the benefits of decentralized finance systems with the ease of traditional institutions. Most CeFi platforms like BlockFi were created to help people who might have problems navigating the complex DeFi protocols which require some level of expertise. Some inexperienced and unskilled DeFi traders have lost their investments to buggy codes or simple user errors.

Also, there are many people who want their crypto savings to yield them some interest, but DeFi platforms do not offer that. DeFi platforms do not also offer crypto loans. BlockFi offers crypto interest accounts so that people can keep their crypto savings and get some yield.

 

 

They also offer crypto loans in fiat money and other cryptocurrencies, so that crypto investors can HODL their crypto and still have access to money when they have to spend it.

The interest rates at BlockFi

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