BlockFi information
Description
BlockFi is a platform for borrowing, lending, buying and selling, as well as investing in crypto currencies. When investing, the coins are transferred to BlockFi and the user receives monthly interest. Users from the United States can deposit Bitcoin and other crypto currencies and receive a credit in US dollars. The deposited crypto-currencies serve as collateral and cover the costs if the debtor is unable to pay back the loan.
About the company
BlockFi was founded in 2017 by Zac Prince and Flori Marquez in New York with the aim of addressing the lack of banks in the crypto-currency sector with a reliable, regulated platform. In January 2018, the company started lending Fiat currencies against crypto currencies and in February and July 2018, as well as in August 2019, the company received capital from investors active in the crypto sector such as ConsenSys, SoFi and Kenetic Capital in several financing rounds.
Usability
Both the website and the apps for iOS and Android are characterized by a very user-friendly interface. All functions revolve around the three main functions: Interest, lending and trading.
Fees
The fees on BlockFi are very transparent and can be viewed in the fee list. Currently, one crypto-currency and one Stablecoin payout per month is free of charge, after which a currency-dependent fee is charged.
Questions & answers
We have summarized the most important questions and answers about this provider for you and tried to answer them.
- Is BlockFi reliable?
- How secure is BlockFi?
- How difficult is the setup of BlockFi?
- How high are the fees at BlockFi?
- Which crypto currencies can be traded on BlockFi?
- Is there a BlockFi App?
Is BlockFi reliable?
Yes, BlockFi is a regulated US vendor and regularly publishes its current licenses on the BlockFi Licenses & Disclosures page.
How difficult is the setup of BlockFi?
The setup of BlockFi is quite fast and easy on the website or directly via app.
A KYC process must be completed before the user account is activated.