BlockFi Now Allows Users to Send Cash Via Wire and Earn up to 8.6% APY on Their Investment

News / 11.03.2020

Crypto lender, BlockFi, announced on Tuesday about the addition of a new product feature on its platform. BlockFi is now giving its users the ability to send cash unto the platform via wire.

Starting from March 10, users can now send USD wires to the BlockFi platform to purchase stablecoin, and begin earning up to 8.6% APY on USD-denominated assets. The wires sent will instantly be exchanged for Gemini Dollars (GUSD) on the platform. The deposited stablecoin can as well be used to trade in other supported assets such as BTC, ETH, LTC and USDC.

The wire transfer will be powered by Silvergate, a publicly-traded financial institution which operates a 24/7 payment network called the Silvergate Exchange Network (SEN).

According to the BlockFi founder and CEO, Zack Prince, this initiative opens the door for a whole new customer base for the company. He said anyone can now start earning 8.6% interest on their investment through BlockFi, whether they own crypto or not.

He added that, this is the company’s first step towards their vision of opening of crypto for the mainstream and simplify one’s first Bitcoin purchase. He claims an 8.6% interest on any retail investment today is scarce. Therefore, making such offer available for people can be incredibly powerful to inspire someone’s maiden crypto purchase.

Featured image courtesy of Shutterstock. Source: Cryptopress.

Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.