BlockFi gets Fiat On-Ramp serviced by “Crypto Bank” Silvergate

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BlockFi announced today that it supports cash transfers on its platform.

BlockFi paves the way for Fiat On-Ramp

Weeks after the company’s $ 30 million Series B round table Led by Valar Ventures, BlockFi announced the introduction of fiat bank transfers directly to the platform.

The move marks the first ramp-up fiat channel from New Jersey-based giant CeFi. The wire transfer service will be available for customers all over the world.

Wire transfers will be funded by Silvergate, a publicly traded financial institution that operates the Silvergate Exchange Network (SEN), a 24/7 payment network. Many of the biggest players in the cryptocurrency market use the network, including Coinbase, Kraken, Gemini, and bitFlyer.

Crypto-Curious Welcome

the Platform offers support for exchanges between USDC, LTC, BTC, ETH, and GUSD.

It also offers crypto-backed cash loans and compound interest of up to 8.6% on its interest-bearing accounts. Its current rates for Bitcoin are 4.9% up to 3 BTC, dropping to 3.2% on amounts above 3 BTC.

At the announcement of the launch of his new fiat on-ramp, CEO and founder Zac Prince told Crypto Briefing:

“This announcement is important to us at BlockFi in that it is the first step towards our vision to open crypto to the general public and have its first bitcoin buy a simple and familiar process, rather than one. ‘intimidating. The crypto market is poised to mature for wider adoption, but in order to do that it needs these kinds of diverse tools to 1) emphasize the value of investing in digital assets and 2) provide easy channels. for ordinary people to integrate into the digital asset ecosystem. Earning 8.6% interest on any retail investment today is rare, so making it available to people around the world can be incredibly powerful in inspiring someone’s first crypto purchase.

The company has also obtained a Money Services Business License for the State of Florida.

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