Crypto Financial Service Firm, BlockFi, Launches Its Mobile-Based App Offering 8.6% Interest

2020-6-25 16:19

BlockFi launches its mobile-based trading platform Offering users high yield on cash deposits, crypto-backed loan services, and zero-fee mobile money transfers in a first-of-its-kind platform

In a release to the BEG reporting desk this Thursday, BlockFi, a crypto-focused financial service company, announced the launch of its mobile application. The mobile app is available on both iOS and Android devices allowing users to manage crypto-backed loans, Zero fee mobile transactions, trading, and earn up to 8.6% interest APY on deposits through the BlockFi Interest Account (BIA).

BlockFi launched in 2017 to provide crypto financial services to its clients, enhancing the adoption rates of crypto assets and a platform to manage and store their digital assets easily. The launch of the mobile app will make it easier for users to navigate and use the platform at any time and place.

BlockFi mobile users will also enable new users onboard to the Morgan Creek-backed and Gemini-backed platform, Zac Prince, Founder and CEO, BlockFi stated. In a statement to BEG team on the launch of the mobile app, Zac said,

“While the BlockFi app grants greater convenience to current clients, it is also designed to appeal to those eager to make their first investment in crypto. BlockFi is the perfect place for them to make this leap.”

Earning 8.6% interest APY on BIA account

BlockFi has gained its reputation as a high earning crypto storage facility, recently raising its deposit rates for BTC and ETH holders. In an aim to promote the new mobile-based app, users will be able to earn an annual percentage yield of up to 8.6% interest on crypto assets deposited on the platform. Bitcoin, Ethereum, Litecoin, U.S Dollar, and a host of stablecoins, including Gemini’s GUSD, form the class of assets earning the high yield.

The “easy-to-use and user-friendly channel” is the first of its kind across the industry.

“Not only does the app connect with these consumers on their level, providing a friendly and easy-to-use channel, but it also enables them to earn up to 8.6% interest on their cash through crypto, something no one else can offer.”

The current deposit rate signifies a 2 percent increase in the annual rate since the launch of BlockFi Interest Account (BIA) in May.

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