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Crypto lending startup BlockFi has announced that it has added support for litecoin and USD Coin (USDC), a stablecoin backed by the US dollar.
In an online post, the company said that users would now be able to earn interest on, trade and receive loans backed by LTC and USDC. The initial annual percentage yield for USDC is 8.6 percent and 3.8 percent for litecoin.
“USDC and LTC will also be supported in the newly launched BlockFi Trading platform, enabling seamless trading between Bitcoin, Ether, Gemini Dollar (GUSD), USDC and Litecoin within the BlockFi ecosystem, subject to geographic availability. Previously, BlockFi already supported Litecoin as collateral to secure crypto-backed loans,” BlockFi said.
Support for more crypto-assets
Including USDC and LTC, BlockFi intends to add support for five to 10 new assets, Zac Prince, BlockFi’s CEO and founder, told CoinDesk. The firm is particularly considering the top 20 cryptocurrencies by market capitalization and USD-backed stablecoins.
Prince said that stablecoins are increasingly playing a crucial role to help people move money using blockchain payment rails and store their wealth in U.S. dollars.
“We’re excited to kick-off 2020 by adding USDC and LTC to our platform and providing seamless connectivity between earning, borrowing and trading,” said Prince. “This added support facilitates global access to major markets, with our product line now empowering those building an investment strategy around USDC with options for growth they’d be hard-pressed to find elsewhere.”
Plans for 2020
BlockFi’s plans for this year include developing a mobile app and the ability to send fiat wire transfers in the current quarter followed by Automated Clearing House (ACH) payment capabilities in the second quarter. In the latter half of this year, the firm is planning to roll out a credit card that offers rewards in bitcoin.
“Most of the cards that exist now are debit cards or pre-paid cards … for prime consumers in the U.S., the vast majority of spending takes place on credit cards,” said Prince. “This will be a premium credit card that can pass back a bitcoin cashback rate that is attractive with traditional premium cards.”
Founded by Zac Prince and Flori Marquez, BlockFi is a non-bank lender that offers crypto-backed USD loans to cryptoasset owners, bringing additional liquidity to the blockchain asset sector. The company has raised over $78 million in various funding rounds to date and is backed by Fidelity, Galaxy Digital, Coinbase Ventures, SoFi, ConsenSys Ventures, and Morgan Creek Digital, among others.
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