BlockFi, the DeFi New Jersey-based company launched a new crypto trading platform and the company’s suite of financial services products now also include trading of cryptocurrencies as we are about to see further in the coming altcoin news.
BlockFi trading will roll out trading between three digital assets including Ethereum, Bitcoin and the Gemini dollar before expanding to include a lot more bigger number of crypto assets. Litecoin and USDC are scheduled to be supported by January 2020. The company’s decision comes after the launch of BlockFi institutional services which is a move that saw the company run towards the offerings that service institutional class investors. BlockFi Institutional service was ‘’ designed to give market-makers, exchanges and funds access to enterprise-grade financing solutions for digital assets.’’ The investors have access to additional assets in Litecoin, USDC, PAX and the US dollar.
The startup was established in 2017 and it grew significantly in two years with a monthly revenue growing more than 10 times for 2019 only.
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BlockFi trading is set to offer the global users base of individual and institutional investors in cryptocurrencies the ability to optimize the asset allocation. The CEO of BlockFi and founder Zac Prince explained that the idea of creating an exchange was not something that they haven’t considered before but with a recent funding round they had become more feasible:
“BlockFi Trading has been on the horizon for a while but became a more realistic prospect for us since our latest round of funding which allowed us to upsize our team, including largely our engineering team. We had a lot of requests from our users for an exchange like this and found that it was a key point in helping them manage their crypto portfolios holistically within the BlockFi ecosystem.”
The company removed the minimum deposit amounts for its BlockFi Interest accounts back in September and allowed the holders of varying amounts to earn interest on their crypto assets. The idea was seen as a significant gesture that will expand the appeal of its products and will democratize the passive income for the smaller crypto traders. The company seems to be keen on maturing the digital asset ecosystem by building the financial products traditionally reserved for fiat currencies.
The launch of the exchange according to Prince, is an expansion of the abilities of the company to service both retail and institutional investors with the same level of security and to create synergies between the users. Prince added:
“While we have expanded to offer products on both retail and institutional levels, they really work together as a system and it’s the same for BlockFi Trading. While our retail users get the convenience of being able to trade within the BlockFi ecosystem, our institutional partners also play a hand in the trading process, offering the liquidity needed to make it a reality.’’
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