Zac Prince, the CEO of BlockFi, has said that his company paid out 450 BTC, 5,000 ETH, and $6 million in stablecoins in February.
It has been reported that clients of BlockFi are able to earn interest on Bitcoin, Ether, and stablecoins by depositing their cryptocurrencies into an interest-bearing account.
However, the company has grown in popularity as more users look to earn passive income on their digital assets.
In addition to savings accounts, BlockFi also provides collateralized crypto loans, which allow users to stake their assets for fiat currency.
The report said that in February, BlockFi secured $30 million in funding from some of the crypto industry’s biggest investors, including Morgan Creek Digital, Winklevoss Capital, and Arrington XRP Capital. With digital assets increasingly becoming mainstream, the platform has been able to attract more clients over the past 12 months.
BlockFi paid out more than $35 million in interest to its clients last month. https://t.co/REs3JCjjQO — Cointelegraph (@Cointelegraph) March 1, 2021
As it has been reported earlier, BlockFi entered into a partnership with Visa in December 2020 to launch a new Bitcoin rewards credit card. The new card allows users to earn BTC on purchases rather than airline miles or cash. Cardholders are eligible to receive 1.5% of their purchase back in BTC.
Thus, the growth of BlockFi has coincided with a surging bull market for digital assets. The combined market capitalization of all cryptocurrencies peaked north of $1.7 trillion last month.
Source: Cointelegraph | Image: Robb Report