Since the company’s founding, BlockFi has been striving to provide incremental liquidity across the crypto ecosystem. In the last 10 months we have grown our U.S. coverage to over 45 states, giving crypto investors the opportunity to use their digital assets to fulfill their financial goals without having to sell. Today we are excited to announce that we are now supporting Litecoin (LTC) as collateral and Gemini's GUSD stablecoin as a loan funding option.
This announcement coincides with the newly announced Litecoin support by our institutional custodian, Gemini. Gemini is a New York trust company licensed by the New York State Department of Financial Services. We are proud to be able to offer custody services by one of the most trustworthy names in the industry.
BlockFi is now the only crypto-backed lender to support GUSD. This new funding option enables BlockFi to fund loans 24/7, rather than just during U.S. banking hours. Gemini announced GUSD in September as an ERC20 asset backed coin on the Ethereum network. Backed by U.S. Dollars in a bank account, the GUSD deposit balance is examined monthly by BPM, LLP, a registered public accounting firm.
“We’re excited to add support for GUSD and LTC and to welcome the Litecoin community to our platform,” said Zac Prince, CEO and Co-Founder of BlockFi. “BlockFi is already the lowest-cost crypto-backed lender in the U.S. and we’re planning to expand our services to more collateral types and geographies in the short term.”
Litecoin was a key driver in the early days of Bitcoin and still plays an important role to this day. By supporting this new asset, we’re expanding out platform utility and also welcoming a new community to experience the benefits of BlockFi loans.
“This announcement is a big step towards BlockFi’s global expansion, which has been a part of our vision since the company’s founding,” said Flori Marquez, BlockFi Co-Founder and VP of Operations. “It’s easy to forget that people in many parts of the world do not have access to low-cost credit. We look forward to providing that stability to residents of countries with less stable currencies.”
In the near future, BlockFi will be supporting a number of other major cryptocurrencies on the market. This planned expansion will including stablecoins, which we believe to be one of the key pieces to supporting borrowers in emerging markets. The company was founded on the idea of providing global liquidity, with the specific goal of helping to grow the crypto industry. This first expansion of supported collateral types is a big step towards fulfilling that goal.
If you’re interested in working with BlockFi or have any questions about our services, please contact our team at email@example.com. We love hearing from you.
Applying for a BlockFi loan takes less than 2 minutes. If you’ve been curious about leveraging your crypto to meet your funding needs, we’re here to help. Apply now.
-- The BlockFi Team