BlockFi Adds Litecoin, USDC to Its Lending Product Suite

by Admin
2 minutes
BlockFi Adds Litecoin, USDC to Its Lending Product Suite

The initial annual percentage yield on the assets are going to be 8.6 percent for USDC and three .78 percent for litecoin. 

In 2020, the corporate aims to feature five to 10 new assets including USDC and LTC and is looking most aggressively at the highest 20 cryptocurrencies by market capitalisation and U.S.-domiciled dollar-backed stablecoins, said Zac Prince, BlockFi’s CEO and founder. USDC is that the largest of those stablecoins. the corporate already supported LTC as collateral for loans and approved of the currency’s liquidity, volatility and overall diary . 

BlockFi also plans to develop a mobile app and therefore the ability to send fiat wire transfers within the half-moon of this year. In Q2 2020, it'll offer Automated financial institution (ACH) payment capabilities and within the last half of the year BlockFi plans to launch a mastercard that gives rewards in bitcoin. 

“Most of the cards that exist now are debit cards or pre-paid cards … for prime consumers within the U.S., the overwhelming majority of paying takes place on credit cards,” said Prince. “This are going to be a premium mastercard which will pass back a bitcoin cashback rate that's attractive with traditional premium cards.” 

Prince wouldn’t name the issuing bank for BlockFi’s mastercard or which banks would be providing the ACH services, but the startup already works with Silicon Valley Bank, investment bank and brokerage Oppenheimer & Co, Silvergate Bank and Signature Bank. 

BlockFi has been providing fiat loans with bitcoin and ether collateral since the start of last year. In March, it launched its service offering to pay clients interest on their crypto, which it loaned bent institutions. the corporate has had to chop rates quite once because borrower supply has not been ready to meet depositor demand. 

At first, depositors received 6 percent monthly and 6.2 percent in interest yearly. In April, the corporate changed these rules for accounts with quite 25 bitcoin or 500 ether, saying they might get 6 percent monthly only on the a part of their holdings below that threshold. In May, the utmost balance that it'll offer 6.2 percent annual interest dropped further to 250 ETH and, later on, to five BTC and 200 ETH. 

In December, the corporate made the terms more favorable to users, applying the 6.2 percent rate only to holdings less than 10 BTC, with everything above that earning 2.2 percent annually. For ether, deposits below 1,000 ETH earn 4.1 percent annually and everything above only 0.5 percent.