BlockFi, a company that offers crypto collateralized loans, announced today that FTX and Ledn are now the latest competitors in their bid to win the coveted prize.
In July 2018, BlockFi launched its public live beta testing and issued its first group of loans. Until this point, only interested parties were able to apply for these loans and see if they qualified through the BlockFi website. Now, this opportunity is open to anyone with an internet connection who has at least $10 in cryptocurrency holdings.
Similar to BlockFi, Ledn uses blockchain technology to verify the collateral for each loan and issue an ERC20 token in exchange. These Ledn tokens are used as loan collateral and also function as interest-bearing payments. The Ledn team has a lot of work ahead of them if they want to compete with BlockFi’s large portfolio of loans at the moment.
BlockFi is currently the largest crypto lending company around with $3 billion worth of loans on the books. They have been able to keep up with the demand for loans and have seen over 1,000 applicants receive their first loans since they went live in July.
What is BlockFi?
BlockFi is a platform for cryptocurrency experts who wish to explore this instrument to their best. The investors have the capacity to earn approximately 8% of their investment annually. However, the platform is not for beginners in the market.
BlockFi in the near future will provide traders with an efficient platform to trade cryptocurrency without chaos.