Investing through BlockFi
Hi. Can you explain to me in simple words what a BlockFi is and how it works? Is it safe to put my money there?
Hi. Can you explain to me in simple words what a BlockFi is and how it works? Is it safe to put my money there?
8 users upvote it!
2 answers
There is no doubt that using a platform like BlockFi is more risky than storing cryptocurrencies in your wallet. These platforms are typically investment vehicles that offer lucrative interest on your cryptocurrencies. BlockFi is a platform for lending and borrowing cryptocurrencies, which was launched in August 2017. The company is one of the pioneers of cryptocurrencies supported by large investment funds, among others: Morgan Creek, Winklevoss Capital, Galaxy Digital, Coinbase Ventures.
BlockFi currently offers three products on its platform, which is earning interest on cryptocurrencies, loans against your cryptocurrencies and trading. For example, you might be earning 6-8% interest on bitcoins, but you want your payout to be in one of the supported coins like ETH or PAX. BlockFi mainly makes money by lending crypto assets to other institutional counterparties to trade and borrow cryptocurrency. Some of these borrowers are traders and mutual funds, market makers (OTC), companies that require cryptocurrency stocks to provide liquidity to clients.
There is no doubt that using a platform like BlockFi is more risky than storing cryptocurrencies in your wallet. These platforms are typically investment vehicles that offer lucrative interest on your cryptocurrencies. BlockFi is a platform for lending and borrowing cryptocurrencies, which was launched in August 2017. The company is one of the pioneers of cryptocurrencies supported by large investment funds, among others: Morgan Creek, Winklevoss Capital, Galaxy Digital, Coinbase Ventures.
BlockFi currently offers three products on its platform, which is earning interest on cryptocurrencies, loans against your cryptocurrencies and trading. For example, you might be earning 6-8% interest on bitcoins, but you want your payout to be in one of the supported coins like ETH or PAX. BlockFi mainly makes money by lending crypto assets to other institutional counterparties to trade and borrow cryptocurrency. Some of these borrowers are traders and mutual funds, market makers (OTC), companies that require cryptocurrency stocks to provide liquidity to clients.
BlockFi is a platform that allows you to invest your money in cryptocurrencies and earn interest on them. You can also borrow money against your crypto holdings through BlockFi. It works by pooling your funds with other users and lending them out to borrowers. BlockFi takes security seriously and uses multiple layers of protection to keep your money safe. It's always a good idea to do your own research and understand the risks involved before investing.
BlockFi is a platform that allows you to invest your money in cryptocurrencies and earn interest on them. You can also borrow money against your crypto holdings through BlockFi. It works by pooling your funds with other users and lending them out to borrowers. BlockFi takes security seriously and uses multiple layers of protection to keep your money safe. It's always a good idea to do your own research and understand the risks involved before investing.