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BlockFi will allow Latinamericans to apply for loans and earn interest with cryptocurrencies

Key facts: Non-residents in the US UU. Now they can access the debt markets in dollars.

The platform allows to generate 6.2% interest on deposits in Bitcoin

Latin America is debating economic problems. In recent months, a week has not passed without a new political fire in the region. The economy of the population, industry and commerce are in a tailspin. Having a plan B that offers financial stability is comparable to having a lifeboat on shipwreck. That is precisely the plan that BlockFi, a cryptocurrency loan startup, has in mind for Latin America: effective formulas to escape inflation and the devaluation of fiat currencies.

Consistently profitable strategies may be hard to find, but BlockFi will soon become the only cryptoactive platform that will allow Latin American customers to exchange cryptocurrencies, earn interest and apply for low-cost loans using the stablecoin Gemini Dollar ( GUSD).

Gemini is the custodian of the cryptocurrency exchange house run by the Winklevoss twins, which is regulated by the New York State Department of Financial Services.

The truth is that BlockFi comes to Latin America with an unsurpassed offer, as it is paying interest rates for deposits in cryptocurrencies. In addition, it presents the opportunity for non-US residents. UU. they can access debt markets in dollars, which are traditionally restricted to them.

One of the company’s financial products is its savings account (BIA), which has been revolutionizing the traditional savings account model. Pay up to 8.6% interest per year to customers who store cryptocurrencies through BlockFi.

The account has the peculiarity of allowing its users to withdraw the funds whenever they wish. The platform allows generating interest of 6.2% for deposits in Bitcoin and 4.1% for deposits in Ether. Due to its characteristics, this financial product stands out for offering the highest performance in finance currently in the world.

Additionally, their dollar loans charge an interest rate that ranges between 4.5% and 11.25%, a rate that is below the average dollar loans granted by other companies in Latin America.

Flori Márquez, co-founder and vice president of BlockFi spoke with CriptoNoticias about the launch of a new product that will offer new opportunities to Latino investors. He also commented on the company’s expansion plans in this part of the world.

“Our goal is to launch, before the end of November, in beta, a product that offers the ability to exchange crypto to crypto. This will allow customers in Latin America to place Bitcoin and Ether on the BlockFi platform and convert it into stablecoin linked to the US dollar, such as GUSD. GUSD is the USD pair backed by Gemini, one of the safest exchanges in the US. UU “. Flori Márquez, vice president of BlockFi operations.

A great offer for Latin America

In addition to its flagship product, such as its Interest Account (BIA), with BlockFi a customer can also request loans in US dollars guaranteed by Bitcoin, Ether and Litecoin. These loans can be requested with up to 50% of the value of the cryptocurrencies deposited on the platform and granted with direct shipments to the beneficiary’s bank account or financed in GUSD, PAX or USDC.

The platform also offers merchants the ability to trade with cryptocurrencies compatible with BlockFi.

Steps to apply for a loan in BlockFi

BlockFi does not request credit history from its customers. You only need to verify your identity and receive your deposit in cryptocurrencies to finance a dollar loan deposited in your bank account.


Also published on Medium.

Published inCryptocurrencies

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