BlockFi

BlockFi

How to register?

BlockFi is a CeFi platform that offers crypto savings accounts and crypto loans. The company received financial backing and support from several high-profile investors and partners and is especially suitable for Crypto Lending beginners.

Savings Accounts
13
Collateral
4
Loans
Clarity of interest policies
Jurisdictions
200+
Languages
EN
CeFi/DeFi
CeFi
Business Accounts

Pros

  • The "flex option" lets you choose in what currency your total BlockFi interest is paid out Currency of interest payments
  • BlockFi is well-suited for crypto lending beginners without much experience as the platform is easy to use and transparent Interest Rate Transparency
  • Blockfi has received more than USD 400 million in financing and is backed by well-known fintech investors Financing
  • BlockFi is regulated by US authorities Regulations
  • BlockFi allows for one withdrawal free of charge per month Fees
  • Gemini Trust Company is the custodian. Gemini has good reputation and is licensed in the US Crypto-Custody
  • Blockfi has a hotline that answers calls during New York business hours Kundenservice
All pros

Cons

  • There was a security breach in May 2020, no assets were lost but private data was stolen Security Hacks
  • BlockFi does not offer many ways to get an interest rate higher than the base rate Maximum Interest
  • The minimum loan amount of USD 5,000 is high compared to the industry standard Minimum Loan
  • Only BTC, LTC and ETH are accepted as loan collateral Accepted Collateral
  • The app is only available in English Languages
  • Account balances are denominated in US dollar per currency but do not show the amount of coins the user owns Coin-Reporting
  • BlockFi has changed their interest tiers for BTC and ETH, meaning savers only receive the maximum rate on their first 1.0 BTC or their first 100 ETH. Maximum Interest
All cons

The interest rates at BlockFi

BTC
BTC
ETH
ETH
LTC
LTC
USDC
USDC
GUSD
GUSD
PAX
PAX
PAXG
PAXG
USDT
USDT
LINK
LINK
BUSD
BUSD
UNI
UNI
BAT
BAT
DAI
DAI
Basic
Max
0.1%
4.5%
0.2%
5%
0.1%
4.8%
7%
8.2%
7%
8.2%
7%
8.2%
0.1%
3.2%
7%
8.2%
7%
8.2%
0.1%
3.2%
0.1%
3.2%
7%
8.2%
Basic
Max
2.7%
8.5%
2.8%
8.5%
2.2%
8%
6.6%
14%
7.9%
11.2%
7.5%
14%
2.5%
8%
6.6%
14%
6.4%
11.2%
1%
5%
1.1%
5%
6.2%
14%

A credible business

BlockFi makes a professional and trustworthy impression. The company is funded by high-profile investors, regulated in the USA, and works with Gemini, a crypto-custody provider with an established reputation. The platform is transparent and easy to understand. Compared to other platforms, BlockFi does not offer many opportunities to earn higher rates, for example, they don't have a native lending token. Nevertheless, as the platform is relatively simple, legit, and safe, it is well-suited for Crypto Lending beginners.

BlockFi

A community-driven company with a vision

BlockFi in the CryptoStudio-Check

  • Overview
  • Savings Accounts
  • Crypto Loans
  • Security
  • User Experience
  • Business Review
Overview
Platform Score
based on 5 categories
Search icon Savings Accounts
based on 9 criteria
Search icon Crypto-Loans
based on 10 criteria
Search icon Security
based on 8 criteria
Search icon User Experience
based on 13 criteria
Search icon Business Review
based on 5 criteria

Pros

The "flex option" lets you choose in what currency your total BlockFi interest is paid out

Currency of interest payments

BlockFi is well-suited for crypto lending beginners without much experience as the platform is easy to use and transparent

Interest Rate Transparency

Blockfi has received more than USD 400 million in financing and is backed by well-known fintech investors

Financing

BlockFi is regulated by US authorities

Regulations

BlockFi allows for one withdrawal free of charge per month

Fees

Gemini Trust Company is the custodian. Gemini has good reputation and is licensed in the US

Crypto-Custody

Blockfi has a hotline that answers calls during New York business hours

Kundenservice

Cons

There was a security breach in May 2020, no assets were lost but private data was stolen

Security Hacks

BlockFi does not offer many ways to get an interest rate higher than the base rate

Maximum Interest

The minimum loan amount of USD 5,000 is high compared to the industry standard

Minimum Loan

Only BTC, LTC and ETH are accepted as loan collateral

Accepted Collateral

The app is only available in English

Languages

Account balances are denominated in US dollar per currency but do not show the amount of coins the user owns

Coin-Reporting

BlockFi has changed their interest tiers for BTC and ETH, meaning savers only receive the maximum rate on their first 1.0 BTC or their first 100 ETH.

Maximum Interest
Savings Accounts
Rating:
Search icon Currencies:
13: BTC, ETH, LTC, USDC, GUSD, PAX, PAXG, USDT, LINK, BUSD, UNI, BAT, DAI
Search icon Fiat Savings Accounts:
No
Search icon Base Rate:
0.1% for BTC, 0.2% for ETH, 7% for USDT
Search icon Maximum Interest:
For the first 0.1 BTC, savers receive 4.50% interest, for 0.1 to 0.35 BTC 1% and for > 0.35 BTC 0.1%. For 0 to 1.5 ETH savers receive 5% interest, for 1.5 to 50 ETH 1.5% and for >50 ETH 0.25%. For 0 to 40,000 USDT savers receive 8.25%, for >40,000 it's 7%.
Search icon Lock-up Periods:
Flexible
Search icon Minimum Deposit:
Depending on the minimum requirements of the Crypto Exchange Gemini
Search icon Compound interest:
Monthly payout and monthly compound interest
Search icon Withdrawal Limits:
Per 7 days: 100 BTC, 5,000 ETH, $1 Million for stablecoins
Search icon Currency of Interest Payments:
The "flex option" allows savers to choose in which currency they wish to receive their total interest payments
Crypto Loans
Rating:
Search icon Maturity:
12 months
Search icon Minimum Loan:
5,000 USD
Search icon Maximum Loan:
1 million USD
Search icon Loan currency:
Fiat & Crypto
Search icon Accepted Collateral:
4
Search icon Loan Liquidation:
A Margin Call occurs at 70% LTV and the borrower has 72h to post additional collateral. At an LTV of 80%, BlockFi can liquidate collateral to reinstall an LTV of 50%
Search icon Stress Test March 2020:
During the Crypto Flash Crash in March 2020, BlockFi only liquidated a smaller percentage (<10%) of their overall USD loan book, which is less than other platforms liquidated. Generally, BlockFi makes a practice of conferring with users and liquidating to just under 70% LTV, instead of 50% as per the contract
Search icon Base Rate:
11.75% for BTC-secured loans and 11.75% for ETH-secured loans
Search icon Minimum Interest:
BlockFi offers lower interest rates for loans with lower LTV. Currently, the rates for the lowest LTV are 6.75% for BTC-secured loans and 6.75% for ETH-secured loans
Search icon Loan to Value Ratio:
50%, 30%, 25%
Security
Rating:
Search icon Withdrawal Speed:
Per 7 days: 100 BTC, 5,000 ETH, $1 Million for stablecoins
Search icon Regulations:
Regulated by US authorities
Search icon Team Transparency:
CEO Zac Prince is highly visible, the management team is mentioned on the website and BlockFi's investors are well known
Search icon Crypto-Custody:
BlockFi's custodian is Gemini, which has a good reputation in the industry and insures its total assets up to 200 million
Search icon Security Settings:
BlockFi offers most industry-standard security settings such as 2-factor-authentication, address whitelisting, and ID Check
Search icon Terms & Conditions:
BlockFi has the right to use the assets deposited by savers or borrowers for investment purposes. That includes giving loans to third parties
Search icon Transparency:
The company does not regularly publish any platform-specific KPIs
Search icon Security Hacks:
There was a security breach in May 2020, no assets were lost but private data was stolen
User Experience
Rating:
Search icon Account Opening:
Fast and straightforward, takes less than 5 minutes
Search icon Business Accounts:
Yes
Search icon Mobile App:
Android and iOS, the app does not have all functionalities of the dektop version
Search icon Desktop App:
Yes
Search icon Wallet address book:
Yes
Search icon Reporting:
The reporting shows the total interest earned. It's possible to download a monthly interest report as a PDF and CSV file
Search icon Coin-Reporting:
BlockFi provides a reporting in the respective cryptocurrency and in US dollar
Search icon Look & Feel:
The BlockFi app is simple and user-friendly, but not feature-rich. Customer support responds fasts and thoroughly to questions and BlockFi is one of the only platforms that offer a hotline, even though it's only in English and only available during New York business hours.
Search icon Customer Service:
English-speaking phone support during NY business hours, comprehensive FAQ, customer service answers questions quickly and provides useful answers
Search icon Clarity of interest policies:
The website clearly explains BlockFi's interest rates policy
Search icon Countries:
200+
Search icon Fees:
BlockFi charges withdrawal fees, but allows for one free withdrawal per month
Search icon Languages:
EN
Business Review
Rating:
Search icon Financing:
BlockFi has closed a financing round of $50m in 2020 and another round at $350m in 2021 at a valuation of $3bn. In both rounds well-known crypto industry investors participated. The company is not yet profitable
Search icon CEO Track Record:
CEO and founder Zac Prince had a corporate sales career prior to founding BlockFi
Search icon Assets under Management:
No exact figures available for the lending buiness. The whole platform has about $10bn USD in AuM, which includes the Assets in BlockFi's exchange business (as of June 2021)
Search icon User Base:
BlockFi does not regularly report these figures publicly
Search icon Community Interaction:
Participates in public discussions online and provides information and insights to CryptoStudio
BlockFi

User-friendly mobile App and efficient customer support

BlockFi Look & Feel

The BlockFi app is simple and user-friendly, but not feature-rich. Customer support responds fasts and thoroughly to questions and BlockFi is one of the only platforms that offer a hotline, even though it's only in English and only available during New York business hours.

Registration process

Registering with BlockFi is easy and straightforward and takes only a few minutes.

Step 1

Blockfi is available for desktop and you can download their mobile app for Android (APK) and iPhone (iOS).

Step 2

Click on "Get Started" to create a new account. Use our referral code to support our work and to benefit from BlockFi's promotions.

Step 3

BlockFi will send a registration code to your email adress which you have to enter in the app.

Step 4

If you register as a private person choose "individual"; if you register as a corporate entity choose "business."

to the Website *

All information is unofficial and subject to change. Links marked with an asterisk (*) may be affiliate links