What is BlockFi? BlockFi is one of the world's largest crypto lending platforms that offer high-interest rates on cryptocurrencies. Let's take a closer look.
What is BlockFi?
BlockFi is a cryptocurrency exchange and platform that offers a crypto wallet, crypto trading, crypto-backed loans, and a crypto rewards credit card. Non-US customers can also open a BlockFi Interest Account and earn interest in their assets.
Another advantage of BlockFi is that you can borrow against your coins. Instead of selling them when you need funds, you can take out a loan. This avoids having to sell into a down market. In this article, we'll go over how BlockFi is able to offer loan services while allowing you to earn interest on deposits.
Is BlockFi a Safe Place For Your Money?
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.
Gemini does, however take measures to protect your funds. These measures include keeping the majority of funds in cold storage (ie, 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. Gemini is also SOC 2 Type 1 security compliant.
What is BlockFi? Is BlockFi a safe Place For Your Money? - Hopefully, this article can help you to get some knowledge.
