Crypto Lender BlockFi Launches Its Services in India

In an exciting development, yesterday U.S.A. based crypto lending startup BlockFi announced its services in India.

Borrowing against cryptocurrencies and investing your idle lying crypto to earn some interest is emerging as a new trend these days. Several crypto lending services like Nexo, Salt, Nuo Bank, Ethlend, Compound, Celsius, Unchained Capital, CoinLoan, Maker DAO etc are taking the market with a storm.

Backed by crypto billionaire Mike Novogratz, BlockFi is serving 65 countries across the world. BlockFi is already managing over $53 million worth of clients' crypto portfolio under its fold and it's rising very quickly:

BlockFi focuses on untapped markets around the world and it saw a huge market in India for its services. It offers loan against your crypto as collateral from as little as $2000 to as high as $100 million.

Currently, it offers loans against cryptocurrencies like Bitcoin, Ethereum and Litecoin.

Last month it also initiated a new product called BlockFi Interest Account (BIA). You can deposit your crypto in this account to earn an interest on it. It offers 6.2% compounded interest on your holdings with them. From 1^st May, it is reducing the maximum deposit limit in BIA account from 500 ETH to only 250 ETH. Any amount higher than 250 ETH will earn a reduced interest at the rate of 2%. It is also lowering the minimum deposit requirement to earn interest from 1 BTC to 0.5 BTC only.

All clients' crypto is held in a secured storage managed by a licensed digital asset custodian Gemini Trust Company, LLC. This company is regulated by the New York State Department of Financial Services. Clients can withdraw their assets anytime.