Crypto service BlockFi launches mobile app with up to 8.6% interest APY
Cryptocurrency exchange platform BlockFi has announced the launch of its new mobile app for iOS and Android.
The company says its BlockFi app will bring together all its financial services on a single platform, enabling retail clients to trade several popular cryptocurrencies, manage interest-earning accounts, and take out crypto-backed loans.
Founded in 2017, BlockFi has found a niche in bridging the gap between digital currencies and traditional financial products.
Crypto-based savings and loans
The company offers cash loans in US dollars using cryptocurrencies as collateral and recently created the BlockFi Interest Account as a way for traders to earn interest on their currency holdings.
BlockFi currently offers trading between Bitcoin, Ethereum, Litecoin, USD Coin, Paxos Standard, and Gemini Dollar.
The app looks to increase BlockFi’s appeal for both current clients as well as investors looking to make the jump to crypto. “BlockFi is the perfect place for [investors] to make this leap,” says founder and CEO Zac Prince. “The app connects with these consumers on their level, providing a friendly and easy-to-use channel.”
BlockFi is promoting the launch of its app by offering interest rates of up to 8.6% APY for new and existing clients with a BlockFi Interest Account. That’s an increase of 2% relative to when the savings service first launched in May. Interest can be collected in any currency that BlockFi supports, giving investors the option to automatically diversify their portfolio.
Notably, BlockFi clients will also gain access to crypto-backed loans through the app. The company offers same-day loans in US dollars so that investors can access liquidity without selling crypto assets. Loans are available at up to 50% of the value of current holdings and at interest rates as low as 4.5%.