Cryptocurrency News

BlockFi To Add Chainlink As One Of Its Deposit Options

Link Marines has added a new method of earning via Chainlink. Chainlink is now one of the deposit options supported by BlockFi, a crypto-lending platform. Today marks the first day that the crypto-lending firm has added Chainlink deposit option. Chainlink will get 5.50% APY of every transaction, which will be calculated in LINK coins.

It is undeniable that Bitcoin, which is the pioneer coin, still dominates the crypto industry. Bitcoin is still the benchmark for other cryptocurrencies. However, to date, other smaller cryptocurrencies have been making waves recently. One of the most popular alternatives to Bitcoin is Chainlink, otherwise known as LINK. The token blossomed last year, rising by more than 500% of its value.

BlockFi Paid Over $20 Million as Interests on January Deposits

Another good news is that Chainlink investors have got another option to receive interest and good returns on their investments. At present, BlockFi investors have received over $20 million as interest on their deposits using paid mainly in Bitcoin and Ethereum. Today, BlockFi will include Chainlink in its list of deposit options through which investors can deposit to earn interests. BlockFi tweeted the development yesterday, which means it is giving depositors 5.50% APY when they deposit using LINK. In turn, the platform will pay interest on the deposits using LINK. BlockFi has been in existence since 2017. The platform gives its depositors about 8% APY using various cryptocurrencies such as Bitcoin, Ethereum, Litexoin, USDT, and others.

To create more earnings, BlockFi also invests in other assets by lending the funds to individual businesses and institutional investors. Besides, the company does an Over-the-Counter Bitcoin trade desk. Not long ago, BlockFi applied to the US Securities and Exchange Commission to start a BitcoinTrust like the current offerings being placed by the top crypto-investing company, Grayscale.

More About Chainlinks and DeFi

As dor Chainlink, it is a firm that offers a system of oracles that provide information regarding asset prices and other indicators to smart contracts and automated codes that operate on blockchains such as Ethereum. Oracles are the instruments that allow smart contracts to supply data of off-chain operations to enable Chainlink to play a significant role in the operation of decentralized finance protocols.

DeFi, the short term for Decentralized finance, is a set of protocols produced as a substitute for services and products offered by banking and financial institutions. Such services are now being substituted and modified with DeFi. In the DeFi community, you can receive loans, deposit cryptocurrencies, and receive interests from there. You can also exchange your assets. All these can be done in the DeFi industry without any centralized authority or government to make the transactions doable.

The two companies–BlockFi and Chainlink, witnessed a blossoming period last year. BlockFi had a surge in its asset by more than 1,400%, with its asset rising to over $4 billion. Apart from LINK seeing its value increasing by 500 %, this year alone, Chainlink has witnessed a more than 130% jump in its value.

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