• BlockFi Review: Is BlockFi Safe, Legit, and Worth Your Time?

    BlockFi is a cryptocurrency-focused wealth generation platform offering a suite of products and services, including the BlockFi credit card and a BlockFi wallet.

    The company initially launched with a cryptocurrency interest account product, offering around 4.5% APY on BTC and up to 9.5% on stablecoins. This offering, however, was put on ice in February 2022; in addition to paying $100 million in fines to the SEC and 32 states, BlockFi ceased all BlockFi Interest Account offers to bring its business within the provisions of the Investment Company Act of 1940.

    The following BlockFi review contains an exclusive interview with the BlockFi Login. It focuses on BlockFi as a company rather than a specific product.

    Editor’s Note: This article was updated in April 2022 to reflect new developments in BlockFi’s progress with the SEC and regulatory authorities, as well as removing unclear language as to the BlockFi Interest Accounts availability. .

    BlockFi: A Quick Summary

    BlockFi is a privately held New Jersey-based lending platform founded in 2017.

    BlockFi’s flagship product was the BlockFi Interest Account (BIA), which allowed users to earn compound interest on cryptocurrencies such as BTC, ETH, LTC, USDC, USDT, GUSD, and PAXG.

    During the BIA’s operation from 2017 to 2022, halted by the above-mentioned agreement with the SEC, BlockFi kept cryptocurrency deposits secure and consistently generated yield for its depositors, gradually dropping its rates in the process. It also launched a slew of new products, including the BlockFi credit card.

    BlockFi garnered a reputation as one of the leading and most-trusted cryptocurrency interest accounts particularly, popular among those keen on generating passive income. Compared to traditional investment accounts, BlockFi offered 43x more than “high-interest” savings accounts with Ally Bank (0.2%) and 4.7x than WealthFront (1.82%).

    However, it’s worth noting that despite no interruptions or hacks, BlockFi deposits aren’t FDIC insured. These accounts weren’t supposed to be considered savings account they were investment accounts with a unique risks.

    Today, absent its BlockFi Interest Account, BlockFi offers three primary services:

    1. The BlockFi credit card.
    2. The BlockFi Wallet.
    3. Cryptocurrency-backed Loans. BlockFi offers loans backed by your cryptocurrency with a 50% LTV ratio.

    Is BlockFi right for me? BlockFi is a fairly attractive option for individuals that have a beginner to moderate level proficiency with digital assets. Since the platform now offers direct ACH deposits, you only need minimal cryptocurrency literacy to start.

    • Minimum Deposit: $0
    • BlockFi Referral Code & Promotions: Receive up to $75. 

    See also our BlockFi credit card guide.