Modern forms of financial services and products are proving to be a thriving industry. Some of the market’s early entrants are now stepping up their game to remain competitive.
BlockFi is one of the older service providers in blockchain-based finance. They saw a lot of merit in joining finance with blockchain technology. Its business model allows users to earn interest, trade, and receive loans alike.
To increase the appeal of its service, the company introduced support for additional assets. Both Litecoin and USD Coin (USDC) are now supported across all available services.
Litecoin and USDC Arrive on BlockFi
BlockFi provides several services that may be appealing to crypto investors. Its Interest Account can yield compounding interest rates of up to 8.6% with USDC. Litecoin users will earn a maximum of 3.8% per annum. The yield for stablecoins has always been higher in this particular industry.
The reason for these high interest rates on USDC is simple. BlockFi deems it to be one of the most accessible stablecoins. As such, they want to provide the highest interest-earning opportunity. These rates can change as more time progresses.
Both USDC and LTC will make their way to BlockFi’s Trading platform. Here, they can both be exchanged with bitcoin, Gemini Dollar, and ether. The available trading pairs will depend on one’s geographical region.
BlockFI CEO and Founder Zac Price adds:
“We’re excited to kick-off 2020 by adding USDC and LTC to our platform and providing seamless connectivity between earning, borrowing and trading. Stablecoins play an increasingly valuable role globally to help people move money using blockchain payment rails and store their wealth in U.S. dollars, which many normally wouldn’t have access to. This added support facilitates global access to major markets, with our product line now empowering those building an investment strategy around USDC with options for growth they’d be hard-pressed to find elsewhere.”
It is crucial to diversify in the cryptocurrency industry. This applies to both investors and service providers alike. For BlockFi, the addition of these assets is crucial. Competition is brewing in the DeFi industry as well. Investors want the most bang for the buck through their owned assets, rather than converting to different ones.