Crypto lender BlockFi adds support for USDC and Litecoin

Lending • January 8, 2020, 9:00AM EST
UPDATED: January 8, 2020, 10:38AM EST
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Crypto lender BlockFi has added support for USD Coin (USDC) and Litecoin (LTC) across all of its offerings. 

Announced Wednesday, users of BlockFi Interest Accounts (BIA) can now deposit these two currencies to either earn monthly compounding interest on them or take out U.S. dollar-denominated loans against the crypto collateral. The company offers an initial interest rate of 8.6% for USDC and 3.8% for LTC, according to a press statement shared with The Block. 

The two coins were also added to BlockFi’s new trading platform. Launched in Dec. 2019, BlockFi Trading allows users to trade between the following cryptocurrencies: Bitcoin, Ether, Gemini Dollar, and now, USDC and LTC. 

BlockFi has seen significant growth since its founding in 2017. Its valuation doubled in a roughly two-month period, as The Block previously reported, and BlockFi founder Zac Prince said last month that the platform was seeing 1-2% daily growth across key performance indicators. BlockFi raised $18.3 million in a Series A funding round last summer.

Editor's Note: This report has been amended to clarify information about BlockFi's valuation. 

AUTHOR

Yilun Cheng profile picture Yilun Cheng

Yilun joined The Block in November 2019. She has a policy background and extensive experience in reporting and writing. She has worked on stories ranging from business to politics.

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