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Crypto borrowing and lending services are on the increase as the digital assets become more widespread in use.
Platforms that offer this service are working on improving the options they provide to their clients in a bid to encourage mass adoption of crypto assets.
BlockFi is one such company which offers its clients borrowing and lending services for cryptocurrency.
The firm has announced that its clients will now be able to earn interest on any amount of cryptocurrency in their holdings.
The crypto assets which are covered by this interest earning initiative provided by BlockFi are Ether (ETH, Bitcoin (BTC), and Gemini Dollar (GUSD).
BlockFi aims to reach a wider audience
According to the New York based company’s announcement, all holders of BlockFi Interest Accounts (BIA) will get interested in the crypto assets they have deposited in their account. There is no minimum deposit required for one to start earning interest on their cryptocurrency.
By not placing a minimum deposit requirement for one to start earning interest on their crypto holdings, BlockFi has opened up their platform to a greater number of crypto traders and holders.
According to Zac Prince, the founder and CEO of BlockFi, he is excited to see how the platform will grow as crypto investors take the opportunity to leverage their cryptocurrency.
Earlier this year, BlockFi began providing its services in India, and the company has announced plans to enter the Latin America market.
Flori Marquez, co-founder and Vice President of operations at the lending firm, said that opening up BlockFi to all crypto holders will allow the company to gain access to Latin America where there is limited access to banking and credit services.
Marquez went on to say that the top of the range financial products are only accessible to high net worth individuals in Latin America. BlockFi’s platform makes use of blockchain technology to provide wealth management products to all individuals.
By making these products available on av wider scale, BlockFi creates financial freedom for all its clients, regardless of how much cryptocurrency they hold.
BlockFi secures significant investment
BlockFi has the potential to influence the widespread adoption of cryptocurrencies, and many investors have come on board and poured their funds into the firm.
In its most recent investment round, which was led by Valar Ventures, BlockFi raised $18.3 million. The crypto lending company was also the first to receive institutional investment for crypto related lending in USD. The firm received a $50 million lending facility from Galaxy Digital.