Blockfi: Earn up to 8.6% interest on your holdings

Click here to sign up.

Blockfi has sign up bonuses but they change every few months so I won’t list those stipulations here.

How much is your bank paying you to save your money? 0.03% or so? I had almost $1000 in my savings account at my main bank and I made 2 cents off it in a month. That’s just terrible. There are better alternatives out there to keep your cash like Varo that pays you up to 2.8% but if you really want to make some money passively I reccomend Blockfi. Below is a list of their interest rates.

How to get started

After you sign up and get your account started you’ll need to fund your account. You can wire money directly to Blockfi which could cost you a lot depending on your bank or you can send the money/crypto from somewhere else directly. I have always used Coinbase to buy my crypto and I highly recommend it. I just sent 58 USDC coins over to the Blockfi account and it only cost me 72 cents which I will make back in about 2 months with the 8.6% interest. GUSD and PAX are not available on Coinbase but they are like USDC in which they are tied to $1.

Why not just buy USDC?

While USDC does have the highest interest and it is the safest route, it has no potential of increasing like the other coins. Bitcoin, at the time of writing this went from 9.6k to 11.1k in the past 2 days. So if you had put $100 into USDC you would still have $100 worth of USDC. On the other hand if you had bought $100 worth of BTC it would have went up 12% in those 2 days to $112 AND you still gain the 6% interest. Blockfi also has a flexpay option to where when your interest payments come out at the beginning of each month you can choose to be paid in which ever currency you wish.

I should mention that most withdrawals are free! There are some stipulations but they aren’t trying to keep your money, they just use it to lend to others and make money off of that.

Blockfi is also useful if you need to borrow money. You can deposit a crypto and borrow against it. You get 50% of what you put in, pay 4.5%, and have 12 months to pay it off, that way you don’t ever have to sell your crypto.