BlockFi Welcomes Litecoin and USDC

In a noteworthy move for cryptocurrency enthusiasts, BlockFi announced on January 8 that it has included Litecoin (LTC) and USD Coin (USDC) to its growing list of supported digital assets. Not only are users now allowed to trade these coins, they can also engage in lending and earn interest on them. With these additions, users have yet another reason to love crypto.

The Benefits of Litecoin and USDC

Joining BlockFi’s roster allows Litecoin and USDC holders to partake in the BlockFi Interest Account (BIA). For those unfamiliar, investors can earn interest that compounds monthly—yes, that’s like getting free money while you’re sleeping. Let’s break it down:

• USDC: A robust stablecoin backed by the infamous Coinbase with an eye-catching annual percentage yield (APY) of 8.6%.
• Litecoin: A veteran in the altcoin field comes in with a respectable APY of 3.8%.

Cryp-loans: An Increasing Trend

As the cryptocurrency world continues to evolve, so too does the utility of digital assets. Cryptocurrency lending gained traction particularly during the less-than-rosy 2018 bear market, becoming a lifeline for many. Here’s why crypto loans are appealing:

• Low-interest rates that keep borrowers smiling.
• A rising number of borrowers looking for instant crypto gratification.
• A streamlined approach to lending that opens doors for users who typically don’t qualify for traditional bank loans.

Making Your Crypto Work for You

For traditional “buy and hold” investors, crypto lending offers a tantalizing new strategy. By lending out their holdings, individuals can watch their money grow without relinquishing ownership entirely. With interest rates often surpassing those from traditional banks, it’s no wonder that this approach is gaining popularity. Who wouldn’t want some sweet passive income while they snooze?

The Growing Landscape of Crypto Lending

According to recent estimates, the crypto loan industry is nearly worth a staggering $4.7 billion. With this increasing demand, BlockFi is stepping up its game, recently acquiring a money transmitter license in Washington state. It shows they recognize the potential and want to keep clients happy, engaged, and financially savvy. So, whether you’re a seasoned investor or a curious newcomer, BlockFi’s expanded offerings could be music to your ears.