Cryptocurrency lending platform BlockFi has added support for Chainlink (LINK), effectively allowing LINK investors to earn interest on their holdings in the cryptocurrency by depositing them into BlockFi.
BlockFi is a well-known crypto lending firm that allows users to earn interest on their crypto holdings. It supports Bitcoin (BTC) Ether (ETH), Litecoin (LTC), several stablecoins, and Paxos Gold (PAXG). According to the firm, users can earn 5.5% a year on their LINK holdings.
The company’s CEO Zac Prince has revealed that in February, the firm’s clients have earned over $35 million in interest. The firm pays its users in the cryptocurrency they lend, and as such 450 BTC and 5,000 ETH were paid to its users, along with 6 million stablecoin tokens.
BlockFi was launched back in 2017 and has been expanding its services in numerous ways. Earlier this year it announced the launch of an over-the-counter (OTC) trading desk for institutions and other high-net-worth clients, supporting large-cap cryptoassets like bitcoin, ether, and litecoin.
Last month, it launched the BlockFi Bitcoin Trust, aiming to help institutional investors gain exposure to the flagship cryptocurrency. As the Daily Hodl reports, Prince was quoted as saying:
Given the level of institutional activity in recent months and demand for new, professional-grade investment vehicles, the timing of BlockFi Bitcoin Trust is ideal.
BlockFi is also set to soon lunch cryptocurrency debit cards with BTC cashback rewards for its users. It’s competing with numerous other firms on these verticals, as other firms offer crypto debit cards and interest on users’ cryptocurrency holdings.
It also lets users take out cryptocurrency-backed loans. Decentralized finance (DeFi) platforms like Compound also let users earn interest on their crypto holdings and take out loans, although to interact with these platforms users have to pay network transaction fees.
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