BlockFi

BlockFi

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
44
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 for BTC, Litecoin and stablecoins

    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

  • As Blockfi pays extremely low interest on larger investment amounts, their accounts are only suitable for retail investors with low deposits (Shrimp)

    Savings accounts

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

    Security Hacks

  • Blockfi does not offer any ways to get higher rates for example through loyalty programs

    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

All cons

The interest rates at BlockFi

  • Earn Interest
  • Borrow Money
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
ADA
ADA
ATOM
ATOM
AVAX
AVAX
DOT
DOT
FIL
FIL
SOL
SOL
ALGO
ALGO
BCH
BCH
DOGE
DOGE
MATIC
MATIC
BNB
BNB
FTT
FTT
NEAR
NEAR
TRX
TRX
FTM
FTM
MANA
MANA
AXS
AXS
SAND
SAND
EOS
EOS
AAVE
AAVE
GALA
GALA
RUNE
RUNE
SRM
SRM
MKR
MKR
COMP
COMP
CRV
CRV
SUSHI
SUSHI
1INCH
1INCH
CHZ
CHZ
ENJ
ENJ
GRT
GRT
2.5 - 3.5%
2.5%
2 - 3.5%
2%
1 - 3.5%
0.1%
7.5 - 8.5%
7.5%
7.5 - 8.5%
7.5%
7.5 - 8.5%
7.5%
0.2 - 3.2%
0.1%
8 - 8.8%
8%
0.5 - 3%
0.1%
7 - 8.5%
7%
2 - 3%
2%
0.2 - 1%
0.1%
5 - 7%
4%
10%
7%
10%
9.5%
2%
10%
2.5%
3%
2%
11%
3%
3%
7%
6%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
5%
0.2 - 8.5%
0.2 - 7%
0.1 - 8%
0.1 - 8%
0.4 - 12%
7.1 - 9.3%
0.1 - 12%
0.1 - 7.2%
0.1 - 12%
0.2 - 9.3%
0.1 - 3.3%
0.1 - 3%
0.1 - 1.3%
0.3 - 12%
0.1 - 10%
0.4 - 8%
0.2 - 12%
1.1 - 15%
2%
0.2 - 10%
0.1 - 3%
0.1 - 2.5%
0.1 - 8%
0 - 3%
1.1 - 16%
0.1 - 8%
3%
0.2 - 10%
4 - 8%
0.4 - 8%
0.1 - 3%
3 - 8%
3%
3 - 8%
0 - 6.4%
3%
3%
3%
0 - 3%
1.8 - 3%
3 - 4.7%
3 - 5.4%
3 - 6.6%
3%
0.1 - 3%
5%

How to earn the highest interest rates with BlockFi

check-circle-orange

For the first 0.1 BTC, savers receive 0.00% interest, for 0.1 to 0.35 BTC 1% and for > 0.35 BTC 0.00%. For 0 to 1.5 ETH savers receive 0.00% interest, for 1.5 to 50 ETH 1.5% and for >50 ETH 0.00%. For 0 to 40,000 USDT savers receive 0.00%, for >40,000 it's 0.00%.

BTC
BTC
ETH
ETH
LTC
LTC
PAXG
PAXG
Basic
Min
11.8%
6.8%
11.8%
6.8%
11.8%
6.8%
11.8%
6.8%
Basic
Min
11.7%
0%
9.5%
0%
11.7%
0%
11.5%
0%

How to get the cheapest crypto loan with BlockFi

check-circle-orange

Depending on the cryptocurrency a borrower depostis as collateral, Blockfi offers different Loan-to-Value Ratios. The lower the LTV, the lower the interest rate.

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 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

BlockFi in the CryptoStudio-Check

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

Savings Accounts
Rating:
Search icon Currencies:
44: BTC, ETH, LTC, USDC, GUSD, PAX, PAXG, USDT, LINK, BUSD, UNI, BAT, DAI, ADA, ATOM, AVAX, DOT, FIL, SOL, ALGO, BCH, DOGE, MATIC, BNB, FTT, NEAR, TRX, FTM, MANA, AXS, SAND, EOS, AAVE, GALA, RUNE, SRM, MKR, COMP, CRV, SUSHI, 1INCH, CHZ, ENJ, GRT
Search icon Shrimp:
BlockFi rates depend on the number of coins hold in the savings account. Up to <0.35 BTC investors receive an interest of 2.5 - 3.5%, up to <5 ETH an interest of 2 - 3.5%, and up to <5,000,000 USDT an interest of 8 - 8.8%.
Search icon Whales:
BlockFi rates depend on the number of coins hold in the savings account. From >0.35 BTC investors receive an interest of 2.5%, from >5 ETH an interest of 2% , and from >5,000,000 USDT an interest of 8%.
Search icon Options to earn higher rates:
BlockFi does not offer investors any options to increase the interest rate.
Search icon Lock-up Periods:
Flexible
Search icon Minimum Deposit:
Depending on the minimum requirements of the Crypto Exchange Gemini
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

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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:
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%

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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

Did you find outdated information? Write us a message.

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. "BlockFi Personalized Yield" clients (investment > $3m) will have a designated client relationship manager to cater to their individual needs
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 for BTC, Litecoin and stablecoins
Search icon Languages:
EN

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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 are available for the lending business. The whole platform has about $14.7 bn USD in AuM, which includes the Assets in BlockFi's exchange business (as of December 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

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BlockFi

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."

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

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