BlockFi Adds LINK Token, Interest Rate Pending
BlockFi answers the Chainlink army’s calls.
BlockFi to Add LINK
BlockFi said it would add LINK–the native token of decentralized oracle project Chainlink. LINK is the ninth-most popular crypto asset, currently standing at a market capitalization of more than $11 billion, as per CoinGecko.
The asset will join BlockFi’s select list of supported cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), PAX Gold (PAXG), and various stablecoins.
With the announcement, LINK holders can access the platform, earn interest, and secure loans against their holdings.
The firm cited its decision to add LINK tokens to popular demand on social media.
Founded in 2017, the firm provides a service known as BlockFi Interest Account (BIA), allowing users to earn interest up to 8.6% APY on their crypto holdings.
The interest varies from coin to coin, and BlockFi has not specified the rate of interest for LINK deposits on the platform.
The funds deposited in user accounts are lent out to private and institutional clients, who pay interest to BlockFi, which in turn pays its users.
Today’s announcement will benefit LINK holders kean to earn interest without worrying about managing their private keys. However, BlockFi may not appeal to some crypto holders for its centralized nature.
Disclosure: The author did not hold crypto mentioned in this article at the time of press.
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