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Recently, BlockFi, a crypto lender, announced the addition of a new product feature on its platform. The crypto lender will give its users the ability to send cash to the platform through the wire. As of the 10th of March, users can now send USD wires to the BlockFi platform to buy stablecoins and begin earning up to 8.6% APY on the USD-denominated assets.
The wires sent will be exchanged for Gemini Dollars (GUSD) on the platform, and the deposited stablecoin can get utilized to trade in other supported assets such as Bitcoin, ETH, LTC, and USDC. Silvergate, a publicly-traded financial institution that operates on a 24/7 payment network called Silvergate Exchange Network, SEN, will power the wire.
The Impact of the New BlockFi Addition
Zack Prince, the BlockFi founder, and CEO says this initiative opens the door for a whole new customer base. He pointed out that anyone can now start earning 8.6% interest on their investment through BlockFi, whether they own the crypto or not.
Prince also added that this is the company’s first step towards their vision of the opening of crypto for the mainstream and simplify one’s first Bitcoin purchase. He claims that today’s 8.6% interest in any retail investment is scarce. In this case, making such an offer available for people can be incredibly powerful to inspire someone’s maiden crypto purchase.