About BlockFi

BlockFi is a bitcoin financial platform open to investors and traders from all over the world, including the United States and the United Kingdom. Users can earn interest on digital currency deposits, trade cryptocurrencies, and apply for bitcoin loans on the exchange. The organization was formed in 2017 by Zach Prince (the company’s current CEO) and Flori Marquez (a co-founder); the current position is Senior Vice President of Operations. The Chief Risk Officer is Yuri Mushkin. The company has a particular focus on the United States, with its headquarters in Jersey City. BlockFi announced that it would be expanding in Europe by the end of 2020. BlockFi is a key player in the crypto finance business, with over $10 billion in assets and over 450,000 retail clients (New York Times), despite regulators’ taking action. The broker’s sophisticated website and clever logo both reflect the company’s crypto status. While deposits to the BlockFi account are not insured by the FDIC or SIPC, the bitcoin assets are held by Gemini Trust Company, which is regulated by the NYC Department of Financial Services.

Investing Fund

An unnamed entity claimed in March 2021 that the broker was experiencing potential insolvency issues as a result of its exposure to GBTC risk. BlockFi, on the other hand, raised $350 million in Series D fundraising headed by a group of investors in the same month, valuing the business at $3.2 billion. They discussed Series E funding in the summer, which will raise $500 million and value the company at around $5 billion. The firm was able to expand as a result of the successful funding. A BlockFi initial public offering is also rumored (IPO).

Trading platform

BlockFi is a trading platform with a user-friendly interface and a lot of functions. On an iOS or Android smartphone, it can be accessed via the broker’s website or mobile app. The website’s appearance and feel are intended to be user-friendly. Institutional investors can also use tools like a trading user interface (UI) to assist them in speculating on digital assets with BlockFi Prime. Retail and institutional investors can also integrate the broker’s trading capability into their systems and software thanks to the broker’s flexible APIs.

Mobile applications

BlockFi has a mobile app for both iOS and Android devices (APK), allowing you to invest and trade while on the go. It is simple to use and has an easy-to-understand interface. The mobile application allows you to manage all of the account types available on the web platform. Customers can also conduct mobile transactions, receive market notifications, and conduct cryptocurrency transactions.

Resources

BlockFi, which supports both cryptocurrencies and stablecoins, is a prominent player in the cryptocurrency trading and financing business. Bitcoin, Ethereum, Uniswap, Litecoin, Chainlink, and Basic Attention Token are among the cryptos sold by the broker (BAT). Tether (USDT), Dai (DAI), and Pax Gold are examples of stablecoins (PAXG). Traders can also utilize other supported coins, such as USDC, GUSD, PAX, and BUSD, for the broker’s passive interest rate accounts. Some popular cryptocurrencies, including Cardano (ADA), Dogecoin (DOGE), Ripple (XRP), and Solana (SOL), as well as Monero, Zcash, and Mint Club are not available for trading on BlockFi.

Commissions and spreads

BlockFi does not charge its users transaction fees, commissions, or gas fees, making cryptocurrency trading much more affordable, particularly for frequent short-term strategies. Clients can also expect the capital held in the broker’s interest-bearing accounts to grow in value over time. This is a competitive pricing structure in comparison to many alternatives, and it can be attributed in part to the broker’s business model, which derives the majority of its revenue from crypto lending.

While there are no commissions, spreads must be considered when trading with BlockFi. They are ad hoc and will change based on market conditions.

Payment Methods – Deposits

A minimum deposit is not required to receive interest in a BlockFi Interest Rate Account (BIA). Bank transfers take 1-3 business days to process, whereas invoices are credited immediately. Although BlockFi does not charge bank transfer fees, some banks may charge third-party fees for this service. To transfer funds to their account, users will need a unique 8-digit PIN. Customers of Coinbase will be pleased to learn that bitcoins can be transferred directly from Coinbase to BlockFi for a fee. Those with pounds sterling to deposit may find it easier to first hide it in BTC on a platform like Coinbase before transferring the cryptocurrency. Some users have reported difficulties when attempting to fund their accounts with pounds sterling.