The BlockFi crypto services platform announced support for Litecoin and the USDC stablecoin so let’s find out more in the following altcoin news today.
The users of the BlockFi crypto services platform will be able to trade both the USDC stablecoin and LTC via the trading platform. According to the latest press release, the company will now serve trading pairs between LTC, BTC, ETH, USDC, and GUSD so the users will be able to trade any of these cryptocurrencies with zero fees. As the DeFi movement continues to gain attraction between the users, they will likely be the most attracted to the highly-competitive interest rates on offer. BlockFi boasts an initial annual percentage yield at about 3.8 percent with Litecoin on the BlockFi interest account. This figure reached 8.6 percent for the users that hold USDC.
The rates are contingent on the market conditions and the terms of service of the company. The interest accounts are also a subject to the withdrawal limits based on the cryptocurrency in question. The maximum amount that can be withdrawn for Bitcoin is 100 in a monthly period. The CEO and Founder of the company Zac Prince said that the addition of the USDC stablecoin will help ‘’those building an investment strategy around USDC with options for growth they’d be hard-pressed to find elsewhere.’’
A lot of interest rates for similar products such as DyDx, Compound, and Fulcrum currently offer an average interest rate of 3.6 percent for the USDC according to DeFi Prime. Unlike the previously mentioned applications, BlockFi is centrally managed by a single entity. The latest decision comes as a part of the goals of the company for 2020. A few days ago, Prince also wrote to the community that they will also be launching a BTC reward credit card and instead of the points system that is found among the traditional credit cards, the users will be rewarded in the leading cryptocurrency where Prince wrote:
“We see the credit card as a way to add value to crypto OGs as well as a novel way to introduce crypto to non-owners in an easy, familiar way.”
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