BlockFi is an investment firm that allows their clients to not only be able to buy Crypto but creates interest account over it, allowing them to reap a fair share of profit. Other than that, it also allows its clients to be able to lend Crypto from them at an interest rate. BlockFi had another great run in February where they did pay almost $35 million to their customers in terms of the interest they had earned while trading with Crypto.
How does the Process Work?
BlockFi clients are able to earn handsome interest over various cryptocurrencies, including Bitcoin, Ethereum and a few stablecoins to begin with. All they have to do is put all that money into an interest-bearing account, yielding gradual but consistent earning as the market tumbles and cryptocurrency takes up a notch. This business of BlockFi is relatively booming, given the fact that people are more and more interested in earning passive income from their crypto-based assets.
Other than that saving account, business BlockFi can also provide its clients with collateralized digital loans on the basis that they stake their crypto assets against the performance of the fiat currency. Due to the crypto market’s mobilization and more and more players joining it, the BlockFi did take a $30 million funding from some of the biggest names in the crypto venture. Because of this process’s success, it was able to secure more and more clients over the course of the past 12 months.
Upcoming Partnerships of BlockFi and Convenience for the Users
As previously reported on various occasions on the internet and other news blogs, BlockFi is currently in a partnership with Visa to create a new credit card that will allow users to withdraw or use their digital assets such as Bitcoin in a much more appropriate way. This new card system will allow users to be able to use Bitcoin not only for aeroplane travel but also for the sake of doing shopping and spending it wherever they see fit. In a great run, the new digital card users will be able to receive almost 1.5% of the total sum of purchases they did back in the form of Bitcoin. This brings more and more convenience for the users and the crypto market in general.