In this BlockFi review, we will be examining whether or not BlockFi is a trustworthy Lending Platform.
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BlockFi Review: Background
BlockFi is a cryptocurrency custodian that allows its customers to take out USD loans against their cryptocurrencies. BlockFi was founded by Flori Marquez and Zac Prince in December 2017 and is based in Jersey City, New Jersey.
BlockFi Review: Safety
Money deposited with BlockFi is not as safe as being on deposit at a bank. BlockFi, or rather its custodian, Gemini, is not insured by the FDIC or SIPC, that being said, Gemini does take measures to protect your funds such as keeping the majority of funds in cold storage (i.e., offline). BlockFi also says that its client funds are placed ahead of any equity or employee funds in the event of a loss.
Gemini is a New York trust company regulated by the New York State Department of Financial Services (NYSDFS) and a licensed depository trust.
BlockFi Review: Interest Rates
Below you can check how much you can earn with your crypto deposits.
BlockFi Review: Features
BlockFi Review: Pros & Cons
- Trustworthy company
- No early withdrawal penalty
- No trading fees
- Mandatory KYC
- Monthly compounding interest instead of weekly
- Interest rates have been reduced on a regular basis and are now much lower than most alternatives
BlockFi Review: Verdict
BlockFi is definitely a well-established crypto lending platform.
It is backed by renowned ventures and it keeps innovating the ecosystem with new features.
The amount of control BlockFi holds over their clients’ assets, and their preference for selling and/or trading assets for profit make this a service best suited to individuals with a high aptitude for calculating risk.
Interest rates used to be very interesting but have been reduced on a regular basis and are now much lower than most of BlockFi's competition.
Also, we have received reports from multiple users about issues with BlockFi withholding their funds for no apparent reason,
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