Every Friday I share one of my favourite finds of the week — a website, tool or an app that has impressed me.
My Friday Favourite this week is BlockFi – Earn Crypto Interest.
What is it?
BlockFi is a wealth management platform that allows you to earn interest on your cryptocurrency holdings.
How much does it cost?
The BlockFi Crypto Interest account is free to open and pays up to 8.6% APY on your holdings.
Earn Interest on your Cryptocurrencies.
BlockFi works in the same way as Coinbase or Uphold, but its Crypto Interest Account pays you interest on your cryptocurrency holdings.
The Crypto Interest Account pays your interest monthly, and you can earn compound interest. This means you’re earning interest on your interest each month.
BlockFi offers all the usual features you’d expect from a cryptocurrency wallet, including the ability to transfer in cryptocurrencies such as BTC and ETH.
However, it also allows you to make US Dollar wire transfers and doesn’t charge for trading between different cryptocurrency platforms.
This all sounds good, right? But is BlockFi safe, legit and can you trust it?
BlockFi launched their interest-paying account in February 2019 and has so far done what they said they would.
There’s a great article on Forbes about BlockFi – A Gemini-Backed Bitcoin Interest Account, with more background on the company.
Alex Moskov over at Coin Central does a great job of reviewing BlockFi and exploring who they are and concludes that BlockFi is legit.
I’ve deposited my own Bitcoin in BlockFi’s Crypto Interest Account and have earned a tidy sum in interest over the past few months.
I’ve also started regularly transferring the BAT tokens I earn by using Brave – Secure, Fast & Private Web Browser, which also adds compound interest.
Of course, you must do your own due diligence. I’m not a financial advisor, nor do I offer investment advice.
Going forward, BlockFi is already offering account holders the ability to take US Dollar loans against BitCoin holdings.
BlockFi looks to be the first in a new wave of crypto-investment platforms that will change how we view holding cryptocurrencies.
How can I get it?
Visit BlockFi to get started and open a Crypto Interest Account.