Blockfi was founded in 2017 and has become one of the most popular crypto lenders, offering crypto backed loans, interest on crypto, and the ability to trade crypto assets right on their site.
Backed by institutional investors such as Coinbase Ventures, Fidelity, Galaxy Digital, and with Gemini Trust Company as their primary custodian, Blockfi is a secure company that has roots and reach within both the legacy financial world as well as the cryptocurrency space.
Today we'll be focusing on creating an account and depositing Bitcoin to earn 6% interest on our crypto!
To get started with signing up for Blockfi, we'll fill out our name, enter in our email, choose a password, as well as enter in our referral code. Check the boxes and the captcha and click 'Submit'.
You'll receive a verification code sent to your email. Copy it and enter it in here.
Choose your account type, either Individual or Business.
Next, enter in your location. This is a part of the KYC (know your customer) anti-money laundering laws.
Make sure to add in your correct address! Apparently Etheville isn't a real place ;)
Add in your phone number, and then click 'Complete Identity Verification'.
Add in your phone number once more and confirm it by entering in the 4 digit confirmation code that was sent to your phone.
Congrats! You're done confirming. Now you'll be sent to the main Blockfi home screen.
Here you'll see the options to Deposit crypto, as well as the interest you can gain on each one.
Let's deposit some Bitcoin. We can click 'Deposit Bitcoin', or 'Deposit' at the top menu.
Now we'll see the Bitcoin address we'll use to deposit our Bitcoin into Blockfi. I'm going to send some BTC to this address, and soon I'll see it pending on the main page.
Here we can see that our Bitcoin deposit is pending. Soon we'll get an email saying it's confirmed!
We can now see our Bitcoin has been credited to the account, and we're now earning more Bitcoin with interest paid out every month, totaling 6% APY!
Blockfi is another tool in my crypto arsenal. They offer great interest rates on the crypto assets they do work with, as well as allow you to trade directly in the app.
We also have the option of receiving ALL interest payments in either the asset we deposited, or any other crypto that Blockfi is integrated with.
You can find this option by clicking your name, 'Profile Settings', and then 'Interest'.
This means you can deposit $100 of USDC which receives 8.6% interest, and then receive your interest reward in Bitcoin or ETH instead of just in USDC. This is an awesome option and one I'm certainly using for my non-Bitcoin deposits as a way to earn more Bitcoin.
Blockfi is simple and super easy to use, and they'll give you $10 bucks worth of Bitcoin as a bonus for signing up and holding at least $100 in Blockfi for 30 days when using my code '456f1d71'
Thanks for reading, and I hope this article helps you on your crypto journey!
