Over the past few years, cryptocurrencies like Bitcoin and Ethereum have exploded in popularity. This is due to the extremely lucrative gains that have been made by those who have bought (or mined) and held over the course of many years. But while you're holding on to crypto with the hopes of making big gains, you're tying up money that could be put to work earning interest. Or at least that used to be the case. Now, thanks to the BlockFi Interest Account, you can earn compound interest on your cryptocurrencies just like you would from depositing cash at a traditional bank.
The BlockFi Interest Account and Compounding Interest
Essentially, compound interest is the ability to reinvested the interest you've made on your deposit to earn more interest. Think of it as the inception of money – your money is reinvested to make you more money, which you can then reinvest just the same. BlockFi does just that. Offering up to 8.6-percent APY on your deposits, the company also allows you to easily buy and sell cryptocurrencies.
Joining BlockFi is easy – opening an account takes just a couple of minutes. By opening a BlockFi Interest Account (BIA), you can practically start making money immediately after the first trade. Whether you’re opting for Bitcoin, Ethereum, or Litecoin, BlockFi has you covered. Investing is possible via bank/wire transfer, crypto, and stablecoin. You are generating interest immediately after investing in Bitcoin.
Compound investing is also a brilliant way to diversify your portfolio, as the results for various investments in crypto can vary significantly. You can make an additional income by joining BlockFi’s “Refer-A-Friend” program. If a friend joins by using BlockFi’s referral code and invests more than $100 via BlockFi, both you and the friend get $10 in Bitcoin.
Sometimes, investors are in need of quick cash, which is why they often sell their cryptocurrencies. But with BlockFi, you don’t have to worry about sacrificing your cryptocurrencies for liquidity. The BlockFi’s loan program offers loans as low as 4.5 percent. You can borrow up to 50-percent of the value of your deposited crypto assets. Best of all, BlockFi’s loans are not plagued with tedious prepayment fees or penalties, meaning that you can pay off the loan as early as you like.
What’s more, BlockFi is accessible via mobile app (both Android and iOS are supported). Security measures such as two-factor authentication enable you to stay safe during the crypto trade. Furthermore, some of the largest investors in crypto, such as Bain Capital, and Tiger Global, back BlockFi. Cryptocurrency investment can still be risky, but diversifying the portfolio makes even the potential flop in crypto a bit easier to take. BlockFi offers just that by compound interest, which makes your investments profitable in the short, and more profitable in the long term.
Get started with BlockFi, here.
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