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BlockFi Now Supporting Litecoin & GUSD for Crypto-Backed Loans

Published, 16 October, 2018

Since the company’s founding, BlockFi has been striving to provide incremental liquidity across the crypto ecosystem. In the last 10 months we have grown our U.S. coverage to over 45 states, giving crypto investors the opportunity to use their digital assets to fulfill their financial goals without having to sell. Today we are excited to announce that we are now supporting Litecoin (LTC) as collateral and Gemini’s GUSD stablecoin as a loan funding option.

This announcement coincides with the newly announced Litecoin support by our institutional custodian, Gemini. Gemini is a New York trust company licensed by the New York State Department of Financial Services. We are proud to be able to offer custody services by one of the most trustworthy names in the industry.

BlockFi is now the only crypto-backed lender to support GUSD. This new funding option enables BlockFi to fund loans 24/7, rather than just during U.S. banking hours. Gemini announced GUSD in September as an ERC20 asset backed coin on the Ethereum network. Backed by U.S. Dollars in a bank account, the GUSD deposit balance is examined monthly by BPM, LLP, a registered public accounting firm.

“We’re excited to add support for GUSD and LTC and to welcome the Litecoin community to our platform,” said Zac Prince, CEO and Co-Founder of BlockFi. “BlockFi is already the lowest-cost crypto-backed lender in the U.S. and we’re planning to expand our services to more collateral types and geographies in the short term.”

Litecoin was a key driver in the early days of Bitcoin and still plays an important role to this day. By supporting this new asset, we’re expanding out platform utility and also welcoming a new community to experience the benefits of BlockFi loans.

“This announcement is a big step towards BlockFi’s global expansion, which has been a part of our vision since the company’s founding,” said Flori Marquez, BlockFi Co-Founder and VP of Operations. “It’s easy to forget that people in many parts of the world do not have access to low-cost credit. We look forward to providing that stability to residents of countries with less stable currencies.”

In the near future, BlockFi will be supporting a number of other major cryptocurrencies on the market. This planned expansion will including stablecoins, which we believe to be one of the key pieces to supporting borrowers in emerging markets. The company was founded on the idea of providing global liquidity, with the specific goal of helping to grow the crypto industry. This first expansion of supported collateral types is a big step towards fulfilling that goal.

If you’re interested in working with BlockFi or have any questions about our services, please contact our team through our contact us page. We love hearing from you.

Applying for a BlockFi loan takes less than 2 minutes. If you’ve been curious about leveraging your crypto to meet your funding needs, we’re here to help. Apply now.

— The BlockFi Team

Twitter: https://twitter.com/TheRealBlockFi Facebook: https://www.facebook.com/BlockFi/ Telegram: https://t.me/joinchat/I3R7WlHo-dMexqdwCDE2_A LinkedIn: https://www.linkedin.com/company/blockfi/

Last updated on August 8th, 2022

As of February 14, 2022, the BlockFi Interest Account (BIA) is no longer available to new clients who are US persons or persons located in the US and existing US clients with BIA accounts are unable to transfer new assets to their BIAs. Learn More.

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Digital currency is not legal tender, is not backed by the government, and crypto accounts held with BlockFi are not subject to FDIC or SIPC protections. Digital currency values are not static and fluctuate due to market changes. Not all products and services are available in all geographic areas and are subject to applicable terms and conditions. Eligibility for particular products and services is subject to final determination by BlockFi. Rates for BlockFi products are subject to change.

BlockFi Rewards Credit Card: For more information, please see BlockFi’s Terms of Service. BlockFi is not a Bank. Cards are issued by Evolve Bank & Trust, Member FDIC, pursuant to a license from Visa® USA Inc. Rewards are not offered by Evolve Bank & Trust and are instead offered and managed by BlockFi.

BlockFi International Ltd. holds a Class F digital assets business license under the Digital Assets Business Act, 2018 (as amended) and is licensed by the Bermuda Monetary Authority to conduct the following digital assets business activities: (i) issuing, selling or redeeming virtual coins, tokens or any other form of digital assets (ii) operating as a digital asset exchange (iii) providing custodial wallet services (iv) operating as a digital asset derivative exchange provider and (v) operating as a digital assets services vendor.

See blockfi.com/terms for more information.

BlockFi Lending LLC NMLS ID#1737520 | NMLS Consumer Access

BlockFi Trading LLC NMLS ID#1873137 | NMLS Consumer Access

See blockfi.com/terms for more information.

BlockFi Now Supporting Litecoin & GUSD for Crypto-Backed Loans

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