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BlockFi

HOW TO REGISTER?

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

Savings Accounts
23
Collateral
4
Loans
₿, $, €
Transparency
5
Jurisdictions
200 +
Languages
ENG
CeFi/DeFi
CEFI
Business Accounts
Yes
Provider
OBC
13 4
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200+ EN CeFi alt alt

Pros

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    No trade fees (except small spread fees)

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    No minimum investment required

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    Available to countries all over the world, except sanctioned or watch-list countries, and available in 49 states in the United States

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    Available to countries all over the world, except sanctioned or watch-list countries, and available in 49 states in the United States

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    Instant and automated trade features.

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    No monthly fees

Cons

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    Limited cryptocurrency options

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    Only one free withdrawal for cryptocurrency and stable coin each per month

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    Savings aren’t protected by FDIC

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    Only one free withdrawal for cryptocurrency and stable coin each per month

The interest rates at BlockFi

BTC alt ETH alt USDT alt USDC alt DAI alt LINK alt LTC alt XPR alt DOGE alt DASH alt XLM alt REP alt ETC alt ZEC alt LUNA alt
Basic Max 0.1% 4.5% 0.2% 5.0% 5.0% 8.0% 5.0% 8.0% 5.0% 8.0% 0.1% 8.0% 0.2% 4.8% 0.5% 8.0% 0.5% 8.0% 0.3% 2.2% 0.1% 3.3% 0.2% 4.5%
Basic Max 0.1% 4.5% 0.2% 5.0% 5.0% 8.0% 5.0% 8.0% 5.0% 8.0% 0.1% 8.0% 0.2% 4.8% 0.5% 8.0% 0.5% 8.0% 0.3% 2.2% 0.1% 3.3% 0.2% 4.5%

How to earn the highest interest rates with BlockFi

COMPARE INTEREST RATES

For the first 0.1 BTC, savers receive 4.50% interest, for 0.1 to 0.35 BTC 1% and for > 0.35 BTC 0.1%. For 0 to 1.5 ETH savers receive 5% interest, for 1.5 to 50 ETH 1.5% and for >50 ETH 0.25%. For 0 to 40,000 USDT savers receive 8%, for >40,000 it’s 5%.

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About 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.

BlockFi Check

Platform Score
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based on 5 categories
Savings Accounts
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based on 9 criteria
Crypto-Loans
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based on 10 criteria
Security
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based on 11 criteria
User Experience
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based on 12 criteria
Business Review
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based on 13 criteria

Registration process

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Alternatives to BlockFi

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Cake DeFi

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Cake DeFi is a decentralized, non-profit bank. It provides an open source, peer-to-peer protocol that people can use for accounting. The goal of the project is to provide savings tools primarily for low and middle income segments of the population who currently do not have access to financial institution accounts. The concept of Cake DeFi is based on social responsibility, which has proven to be very efficient in the past. One example would be microfinance in developing countries - with less than 6% interest rates on loans given out, it solved a problem which had persisted for over 2200 years. Cake DeFi aims at solving some similar problems with loans as well as other financial products like pensions or insurance - all global markets worth trillions or even quadrillions

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Crypto.com

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Crypto.com offers loans to investors who need access to cash but want to keep their crypto holdings secure. The company is licensed as a regulated financial institution in the country and has had more than $3 billion requests for loans since its launch. The company offers a cryptocurrency-backed loan service, but there are some differences that make Crypto.com’s offer different from the other crypto lending platforms: - Crypto.com is licensed as a regulated financial institution in the country, which makes it eligible for credit rating agencies and will allow it to issue unsecured loans - All loans are hedged against the price of bitcoin (BTC) and receive a monthly interest rate of 5% per annum

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Aave

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Aave is a fully digital lending platform that uses AI and big data to offer loans in the quickest possible time. Aave offers personal loans for all purposes, from small to large, for example: Personal emergencies (medical emergencies, funeral expenses), Home renovation, Home purchase, Education financing, Business financing (startups). Wedding expenses, The problem with many loan services is that they have high interest rates and low customer satisfaction. Aave is a new type of service that offers loans and savings. They offer lower interest rates, which may be beneficial to those looking to take out higher-value loans.

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