NEW YORK, May 29, 2019 /PRNewswire/ -- BlockFi announces support for Gemini Dollar (GUSD) stablecoin throughout its platform. BlockFi Interest Account (BIA) clients based outside the U.S. can now earn up to 6.2% APY, earned monthly in GUSD. BIA launched in March 2019 and is currently paying interest on over $100M in BTC and ETH balances held at Gemini. BlockFi also offers GUSD as a USD loan funding option and as collateral from institutional crypto borrowers. BlockFi's USD loan rates start as low as 4.5%.
"Adding support for GUSD is an exciting step for BlockFi that strengthens both our platform and the overall crypto finance ecosystem," said Zac Prince, CEO of BlockFi. "Greater accessibility to financial services is a key promise of the industry. We currently have customers from more than 50 countries who can now access low-cost debt or earn interest using a market-leading digital dollar."
The addition of GUSD to BlockFi's platform creates an opportunity for non-U.S. residents to access dollar-denominated debt markets, which are traditionally restricted to multinational corporations and governments. BlockFi is excited to provide clients worldwide with the utility created by the crypto ecosystem without exposure to more volatile cryptocurrency markets.
"The continued adoption of Gemini Dollar and powerful use cases of digital dollars on the blockchain helps move the industry forward. Debt and credit is a developing function in the crypto market and we're excited to support market leaders like BlockFi in their efforts," said Sarah Olsen, Managing Director at Gemini.
Full account terms and details are available on BlockFi.com.
BlockFi offers financial products that enable cryptocurrency holders to do more with their digital assets. The company services customers worldwide, including 47 U.S. states, with interest-earning accounts and low-cost USD loans backed by crypto. BlockFi is the only independent lender with institutional backing from investors that include Galaxy Digital, Fidelity, Susquehanna, Akuna Capital, CMT Digital, Recruit Strategic Partners, Coinbase Ventures, SoFi, ConsenSys Ventures, and Morgan Creek Digital. Learn more at BlockFi.com.
Brad Michelson, Director of Marketing
BlockFi's institutional partner, Gemini, provides secure custody for BlockFi customer digital assets. Rates for BlockFi products are subject to change. Digital currency is not legal tender, is not backed by the government, and BIA accounts are not subject to FDIC or SIPC protections. Products only available where permitted by law.