I consider blockfi.com interest from your balance is rather safer than other websites that offer super high yield on your balance or investments. Blockfi.com offer a really good return rate on GUSD (Gemini dollar). As far as I know, Blockfi.com said the holding of your Cryptos balance is held in the Gemini cold wallet. Blockfi.com is not part of Gemini company, so keep that in mind. Blockfi.com also indicated that if their cold wallet got hacked and loss all the Cryptos balance they will not be responsible, basically what it mean is that you loose all your coins and you’re not going to get it back because blockfi.com said they’re not responsible if they got hacked and loss all your coins. That’s the scary part about blockfi.com saying that they will not be held responsible if their wallet got hacked and loss all the coins.
So the update below indicated that you can borrow cash from your Bitcoin Cryptos balance. So let say you have balance in blockfi.com $10,000 then you can borrow cash from it up to 50%, the higher the % you borrowed, the higher the interest. What’s the advantage? the advantage is that you can get cash to use for whatever you want, and all you need to pay back is the interest each month. $10,000usd bitcoin balance you can get $2000 cash with 4.5% APR, meaning you get $2000 cash to do whatever you want, but each month you will need to pay $7.50 interest off of your $2000 that’s it. Now the catch is that your $10,000 worth Bitcoin is stuck in blockfi.com Gemini wallet you cannot do anything with it, it’s not your anymore until you pay back the $2000 loan then it’s unlocked for you to withdraw your $10000 worth BTC.
On Wednesday, January 15, 2020, 03:23:12 PM EST, BlockFi <[email protected]> wrote:
For a limited time, BlockFi is offering crypto-backed USD loans with no origination fees. This means you can get cash without having to sell your crypto. You are only responsible for monthly interest payments, nothing else. It’s simple, easy, and has never been more cost effective to get a USD loan with your crypto.
On top of no origination fees, we have lowered our already industry leading rates for a limited time to the following:
50% LTV – 9.75% APR
35% LTV – 7.9% APR
20% LTV – 4.5% APR
CALCULATE MY LOAN
For questions regarding loans contact [email protected] or call us at +1 646-779-9688.
The BlockFi Team
Limited Time Offer Terms: From 1/15/20 00:00:00 UTC to 2/14/20 23:59:59 UTC, new and existing clients that originate a new loan greater than or equal to $5,000 are eligible for a waived origination fee and interest rates of 9.75% APR (50% LTV), 7.9% APR (35% LTV), and 4.5% APR (20% LTV). Restrictions and limitations may apply. View full terms here.
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201 Montgomery Street, Second Floor, Suite 263
Jersey City, New Jersey 07302
This is a marketing email developed as marketing material for the BlockFi brand. Some of our emails may contain marketing links, which means we will receive a commission for purchases made via those links. Rates for BlockFi product rates are subject to change. Digital currency is not legal tender, is not backed by the government, and BIA accounts are not subject to FDIC or SIPC protections. Cryptoassets are deposited into an account with Gemini, our primary custodian and a licensed depository trust.
For more information, please see BlockFi’s Terms of Service.
*All USD values are based on the current price available from Gemini
BlockFi, 201 Montgomery Street, Second Floor, Suite 263, Jersey City, NJ 07302, USA, 646-779-9688