What is BlockFi?
BlockFi is a digital asset management platform that offers crypto-backed loans and interest-bearing accounts. BlockFi allows you to use your Bitcoin or Ethereum as collateral to take out cash loans and also provides interest-bearing accounts where you can earn interest on your digital assets. There are also a lot of BlockFi promotions that will surely entice you.
With BlockFi, you can trade cryptocurrencies, earn interest on your deposits, and get cash back on credit card purchases all in one place.
BlockFi is a free wallet with no minimum balance required. The service has a number of high-tech cryptocurrency assets and programs that provide excellent value for its customers.
BlockFi also offers crypto-backed loans. You can use your Bitcoin or Ethereum as collateral to take out cash loans. The loan terms are for one year, with a 4.5% interest rate.
BlockFi has a mobile app available on both iOS and Android devices.
Who Uses Blockfi?
Blockfi has more than 500,000 users in its network. Also, 350 institutions globally use Blockfi. This adds up to more than $10 billion in assets.
BlockFi Promotions and Rewards
Currently, BlockFi has two promotions running. These two promotions can add up to big rewards and savings for you! Users can get up to $1250 in rebates and reward offers.
How Blockfi Sign Up Bonus Works
All users are eligible for the BlockFi user rebate program. First, you must make an initial deposit of $100 or more.
The cashback you get ranges from $15 to $250, depending on how much the initial deposit was.
Tips for Getting this Rebate
The amount of cashback you get is divided into tiers. To qualify for the tier you’re aiming for, try to send at least 5% more than the initial amount requires. This is BlockFi’s base promotional offer. It is always available for users to join and participate.
$1000 Back
There is an additional promotional offer. It is only available to users through a link. After signing up on the link, users get emailed an invitation from Blockfi for their promotional offer.
However, it is a waiting game with the email. For one, not everyone receives it. Also, it can arrive anywhere from a few days after you get the invitation to even a few months after you get it.
It gives you cash back depending on how much you traded.
| Cash Back | Trading Amount |
|---|---|
| $25 | $100 to $1000 |
| $50 | $1001 to $5000 |
| $150 | $5001 to $25000 |
| $500 | $25001 to $100,000 |
| $1000 | more than $100,000 |
BlockFi Promotions
Blockfi has had a number of promotions in the past to draw users to its network. One was that you would get 10% cashback after depositing. For example, you would get $10 cashback for 100 in bitcoin.
Another one is the trading bonus. Users get 0.25% back in bitcoin on all eligible trades. There is an upper limit of $500 a month.
Also, there is a referral program. If you refer a friend, and they sign up, make a deposit, and trade, you get $30 in bitcoin.
How to Join BlockFi
Joining BlockFi is easy! Just sign up with your email address and start using the platform to manage your digital assets.
BlockFi is a great way to grow your wealth by taking advantage of promotions and earning interest on your digital assets.
BlockFi Interest Account
The BlockFi Interest Account (BIA) is an interest-bearing account for cryptocurrency that provides market-leading returns to customers who store their cryptocurrency on BlockFi.
This account provides compounding monthly interest on tokens held in the account. From the day after the account is funded, users start earning on their investments.
It has up to 7.5% annual yields on certain tokens.
*Interest account rates vary according to the currency.
| Currency | Amount | APY* |
|---|---|---|
| BTC (Tier 1) | 0 - 0.10 BTC | 3.00% |
| BTC (Tier 2) | 0.10 - 0.35 BTC | 1.00% |
| BTC (Tier 3) | > 0.35 BTC | 0.10% |
| ETH (Tier 1) | 0 - 1.5 ETH | 3.00% |
| ETH (Tier 2) | > 1.5 - 5 ETH | 3.00% |
| ETH (Tier 3) | > 5 ETH | 1.50% |
| DOGE | No Limit | 2.00% |
| LTC (Tier 1) | 0 - 20 LTC | 3.75% |
| LTC (Tier 2) | > 20 - 100 LTC | 1.25% |
| LTC (Tier 3) | > 100 LTC | 0.10% |
| UNI (Tier 1) | 0 - 100 UNI | 3.25% |
| UNI (Tier 2) | 100 - 500 UNI | 0.20% |
| UNI (Tier 3) | > 500 UNI | 0.10% |
| LINK (Tier 1) | 0 - 100 LINK | 3.00% |
| LINK (Tier 2) | > 100 - 500 LINK | 0.50% |
| LINK (Tier 3) | > 500 LINK | 0.10% |
| ALGO | No Limit | 2.50% |
| BCH | No Limit | 3.00% |
| BAT (Tier 1) | 0 - 4,000 BAT | 1.00% |
| BAT (Tier 2) | > 4,000 - 20,000 BAT | 0.20% |
| BAT (Tier 3) | > 20,000 BAT | 0.10% |
| PAXG (Tier 1) | 0 - 1.5 PAXG | 3.25% |
| PAXG (Tier 2) | 1.5 - 5 PAXG | 0.20% |
| PAXG (Tier 3) | > 5 PAXG | 0.10% |
| USDC (Tier 1) | 0 - 20,000 USDC | 7.00% |
| USDC (Tier 2) | 20,000 - 2,000,000 USDC | 5.00% |
| USDC (Tier 3) | > 2,000,000 USDC | 4.00% |
| BUSD (Tier 1) | 0 - 20,000 BUSD | 7.00% |
| BUSD (Tier 2) | 20,000 - 2,000,000 BUSD | 5.00% |
| BUSD (Tier 3) | > 2,000,000 BUSD | 4.00% |
| DAI (Tier 1) | 0 - 20,000 DAI | 7.00% |
| DAI (Tier 2) | 20,000 - 2,000,000 DAI | 5.00% |
| DAI (Tier 3) | > 2,000,000 DAI | 4.00% |
| PAX (Tier 1) | 0 - 20,000 PAX | 7.00% |
| PAX (Tier 2) | 20,000 - 2,000,000 PAX | 5.00% |
| PAX (Tier 3) | > 2,000,000 PAX | 4.00% |
| GUSD (Tier 1) | 0 - 20,000 GUSD | 7.00% |
| GUSD (Tier 2) | 20,000 - 2,000,000 GUSD | 5.00% |
| GUSD (Tier 3) | > 2,000,000 GUSD | 4.00% |
However, this service is only open to non-US clients.
Assets in the interest account cannot be directly traded. They must be moved to the wallet in order to be traded on the platform.
BlockFi Loans
BlockFi offers crypto loans with APY rates of up to 4.5%. This allows users to hold onto their crypto and still trade.
The loan is held by the crypto assets that the user has. Funds are received the same day as approval. Also, the repayment plans are flexible. You can pay back a portion or the entirety of the loan as early as you want with no penalty.
The loan terms are 1 year, with a 4.5% interest rate.
History of BlockFi
BlockFi was founded in 2017 by Zac Prince and Flori Marquez. The company is headquartered in New York City.
In May 2018, BlockFi closed a $1.55 million seed funding round led by Peter Thiel’s Valar Ventures. In September 2018, BlockFi raised $4 million in a Series A funding round led by ConsenSys Ventures.
In April 2019, BlockFi announced that it had raised an additional $52.5 million in a Series B funding round led by Galaxy Digital Ventures, SoFI, Fidelity Investments, Morgan Creek, and Akuna Capital. This brought the total amount of funding raised to $58 million.
In July 2019, BlockFi announced that it had acquired Ethereum wallet provider, Gemini Custody.
In December 2019, BlockFi announced that it had acquired bitcoin lending platform Cred.
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