JERSEY CITY, N.J.—January 8, 2020—BlockFi, a crypto-financial services company evolving the digital asset ecosystem by building financial products specifically for cryptocurrencies, announced today support for USD Coin (USDC) and Litecoin (LTC) across its product portfolio, allowing its global user base of individual and institutional investors to earn interest, trade and receive loans with a preeminent stablecoin and a highly popular digital asset.
Both cryptocurrencies will now be supported in BlockFi’s BlockFi Interest Account (BIA), enabling crypto investors to earn monthly compounding interest with market leading rates. The initial annual percentage yield (APY) for USDC is 8.6%—and as USDC is one of the most accessible stablecoins available today, BlockFi now provides crypto investors one of the industry’s highest interest-earning opportunities on their USDC holdings.
The initial annual percentage yield for Litecoin with the BIA is 3.8%. As one of the most widely used cryptocurrencies today, BIA support for Litecoin allows more crypto investors with diverse portfolios more options to optimize and grow their holdings without having to sell.
USDC and LTC will also be supported in the newly launched BlockFi Trading platform, enabling seamless trading between Bitcoin, Ether, Gemini Dollar (GUSD), USDC and Litecoin within the BlockFi ecosystem, subject to geographic availability. Previously, BlockFi already supported Litecoin as collateral to secure crypto-backed loans.
“We’re excited to kick-off 2020 by adding USDC and LTC to our platform and providing seamless connectivity between earning, borrowing and trading,” said Zac Prince, BlockFi’s CEO and founder. “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.”
The culminating result of BlockFi supporting various digital assets across a myriad of its products and services is the emergence of the first end-to-end experience where crypto investors can seamlessly earn interest, trade fee-free and receive loans all in a single platform.