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The Litecoin Foundation has entered into a partnership with crypto lending startup BlockFi to provide Litecoin users with additional options and more liquidity opportunities.
The partnership will focus on promoting the use of BlockFi’s suite of products to empower Litecoin users. This includes enabling users to receive a USD loan using Litecoin as collateral as well as a chance to earn interest on Litecoin held in an account on the BlockFi platform.
“The current rate of interest as of the date of this announcement is 3.8%,” the Litecoin Foundation said in an online post.
Litecoin (LTC) is the seventh-largest cryptocurrency by market capitalization and is trading at $55 at the time of writing.
Commenting on the partnership, Foundation Project Director, David Schwartz noted the key role played by BlockFi in driving the continued growth of the cryptocurrency ecosystem.
“By partnering with BlockFi, the Litecoin Foundation recognizes their positive contributions and the suite of products they provide customers. BlockFi provides our community, one of the most active in crypto, with even more quality choices of where to place their digital assets,” he said.
BlockFi’s CEO and Founder, Zac Prince also chimed in saying that the addition of Litecoin was a win-win for both sides.
“We’re excited to support Litecoin across BlockFi’s platform and welcome the Litecoin community to use our unique suite of products across earning interest, trading and collateralized loans – at the best rates in the market from a trusted service provider,” said Prince.
Earlier this month, BlockFi announced that LTC will also be supported in the newly launched BlockFi Trading platform, enabling seamless trading between Bitcoin, Ether, Gemini Dollar (GUSD), USDC and LTC. BlockFi intends to add support for five to 10 new assets, Zac Prince, BlockFi’s CEO and founder, told CoinDesk.
