Cryptocurrencies like Bitcoin and Ethereum have skyrocketed in popularity in recent years. This increase is due to the lucrative profits that users have acquired and maintained over the years.
With the creation of the interest account, users can earn extra money with compound interest in digital currencies just as people would by depositing cash in a traditional physical bank.
BlockFi compound interest account
Compound interest refers to the ability to reinvest the interest made on deposits to earn more interest. The money is reinvested to generate more money, which members can then reinvest in the same way.
The exchange platform BlockFi does that job and offers up to 8.6% APY on the deposits. This company also allows its members to buy and sell digital currencies easily and conveniently.
Joining the exchange community of this platform is very simple and easy; opening an account will only take a few minutes. Then, when members have their BlockFi Interest Account (BIA), they can trade and earn money right away.
Members will be covered to make transactions and exchange Bitcoin, Ethereum, or Litecoin with this platform.
The investment will be made through bank transfers, stable currency, and crypto transfers. Users will be earning interest immediately after investing with Bitcoin.
Compounding is also an efficient way to diversify and transform their portfolio. This is because the results of cryptocurrency investments can vary significantly.
Members will earn additional income by joining the company’s “Refer a Friend” program. If a friend joins the program using the referral code and makes an investment of more than $100, the member and his friend will get $10 in Bitcoin.
Investors can increase their profits quickly
Investors often need cash quickly, which is why they sell their virtual currencies frequently. But with the exchange platform’s loan program, they won’t have to worry or sacrifice their cryptocurrencies for liquidity.
With this program, they offer low interest loans as low as 4.5%, and users can request a loan of up to 50% of the value of their deposited virtual currencies. Fortunately, this platform’s loans are not filled with tedious prepayment fees or penalties. This is an advantage because users can pay off their loans as quickly as they want.
Users can also access BlockFi using its mobile application compatible with iOS and Android. It has high-tech security measures that allows members to stay safe during encryption operations. The biggest virtual currency investors like Tiger Global and Bain Capital back this exchange company.
With compound interest, their investments will be more profitable in the short and long term.