BlockFi to Launch Mobile App and Crypto Rewards Card after Raising $30 Million

February 14, 2020 / by Crypto.IQ

BlockFi, a popular decentralized finance (DeFi) firm with $650 million of assets under management, has successfully raised $30 million of investments from a group of venture capital firms. This money will be used to increase the number of BlockFi staff and to expand BlockFi’s product offerings.

Specifically, BlockFi is aiming to launch a mobile app that will be integrated directly with users’ bank accounts. On top of this, BlockFi is looking to launch a crypto rewards credit card. Although details are sparse at this point, it seems users of this credit card will earn Bitcoin (BTC) rewards.

Aside from the new futures that BlockFi is looking to launch in the future, BlockFi has gained popularity via its crypto savings accounts where users can earn 8.6% interest per year for Bitcoin (BTC), Ethereum (ETH), and stablecoin deposits.

The stablecoin savings accounts are particularly enticing since they have no volatility but much higher interest rates than United States bank accounts which typically offer somewhere around 0.5% to 1.5% interest per year.

Also, BlockFi offers loans that are collateralized with crypto, allowing users to access 50% of the crypto collateral’s value in USD without losing ownership of the crypto.

Additionally, BlockFi has launched an institutional services arm and a crypto exchange with zero trading fees.

Overall, the DeFi sector is becoming increasingly active, and BlockFi is one of the firms that is on the leading edge of this burgeoning sector.