The BlockFi cryptocurrency exchange platform has announced the launch of its new mobile app for iOS and Android. The company says its BlockFi app will consolidate all of its financial services onto a single platform, allowing retail customers to trade multiple popular cryptocurrencies, manage paid accounts, and take out crypto-secured loans. Founded in 2017, BlockFi has found a niche to bridge the gap between digital currencies and traditional financial products.
Crypto-based savings and loans
The company offers cash loans in US dollars using cryptocurrency as collateral and recently created the BlockFi interest account as a way for traders to earn interest on their foreign currency holdings. BlockFi currently offers exchanges between Bitcoin, Ethereum, Litecoin, USD Coin, Paxos Standard, and Gemini Dollar. The app seeks to increase BlockFi's appeal to current customers as well as investors looking to switch to crypto. "BlockFi is the perfect place to take that leap," says founder and CEO Zac Prince. "The app connects to these consumers at their level, providing a user-friendly and user-friendly channel." BlockFi promotes its app launch by offering interest rates up to 8.6% APY for new and existing customers with a BlockFi interest account. This represents a 2% increase compared to the launch of the savings service in May. Interest can be charged in any BlockFi supported currency, giving investors the opportunity to automatically diversify their portfolio. Notably, BlockFi customers will also have access to crypto-secured 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 up to 50% of the value of current assets and at interest rates as low as 4.5%.