Crypto lending company BlockFi had another record month in February, paying over $ 35 million in interest to its clients.
Interest payments included 450 in Bitcoin (BTC), 5,000 in Ethereum (ETH) and 6 million in stablecoins, said CEO Zac Prince.
Another record-breaking month of interest payments for @BlockFi customers in February. Over 35 million interest paid including:
> 450 #btc
> 5,000 #eth
> 6M in stable coins
Thanks and let’s move on!
– Zac Prince (@BlockFiZac) March 1, 2021
BlockFi customers can earn interest on Bitcoin, Ethereum and Stablecoins by depositing their cryptocurrencies into an interest-bearing account. The company is growing in popularity as more users seek residual income from their digital assets.
In addition to savings accounts, BlockFi also offers secured crypto loans that users can use to put their assets into fiat currencies.
In February 2020, BlockFi raised $ 30 million from some of the crypto industry’s largest investors, including Morgan Creek Digital, Winklevoss Capital, and Arrington XRP Capital. With the proliferation of digital assets, the platform has been able to attract more customers in the past 12 months.
As Cointelegraph previously reported, BlockFi partnered with Visa in December 2020 to launch a new Bitcoin reward credit card. The new card allows users to collect BTC for purchases instead of airline miles or cash. Cardholders are entitled to 1.5% of their purchase price at BTC.
BlockFi’s growth coincided with a rapid bull market for digital assets. The combined market cap of all cryptocurrencies peaked at $ 1.7 trillion last month. As the market has cooled, the collective value of cryptocurrencies is currently just under $ 1.5 trillion.
