BlockFi's new trading platform allows users to trade Bitcoin, Ether, and Gemini Dollar in real-time
Crypto financial services provider BlockFi has launched a commission-free trading platform, BlockFi Trading, where users can trade Bitcoin, Ether, and ERC20 stablecoin Gemini Dollar in real-time.
Founded in 2017, BlockFi provides crypto financial products traditionally reserved for fiat currencies. Users can deposit crypto assets and either earn interest on them or take out U.S. dollar loans against their crypto collateral. It offers interest rates of up to 8.6% for balances held in its accounts and rates as low as 4.5% for loans, according to its press release.
With the new trading platform, users can also trade between cryptocurrencies including Bitcoin, Ether, and Gemini Dollar using their existing crypto deposits. The company believes that this new function will benefit not only existing crypto investors but also new investors trying to enter the field.
“To date, we have focused on providing products to existing crypto investors that are readily available to investors in other asset classes. With the launch of trading, we are taking a big step in the direction of enabling net new investors to come into the ecosystem,” said Zac Prince, BlockFi CEO and founder.
In the meantime, the company has completed a money services business (MSB) registration with the U.S. Financial Crimes Enforcement Network (FinCEN) to improve its compliance status, the press release says, and is looking to add money transmission licenses to its existing state lending licenses.
