Key Data

  • Trading Name: BlockFi
  • Legal Entity: BlockFi Lending LLC
    BlockFi Trading LLC
  • Activities: Cryptocurrency custodian
  • Location: New Jersey, USA
  • Regulations: yes
  • Key People: Flori Marquez (Linkedin)and Zac Prince (LinkedIn)

BlockFi is a cryptocurrency custodian that allows its customers to take out USD loans against their cryptocurrencies.

The company was founded by Flori Marquez (Linkedin)and Zac Prince (LinkedIn) in August 2017 and is based in Jersey City, New Jersey.


With BlockFi it is possible to earn interest on your cryptocurrency and also take USD loans for it.

In addition, you can also trade cryptocurrencies on BlockFi.

They currently offer a limited number of cryptocurrencies for trading only 13.

They also offer an own Wallet:

With the Wallet, users can buy, sell, trade, and hold cryptocurrencies and stablecoins. You can also use the wallet to store the crypto rewards you earn with your BlockFi Rewards Credit Card.

Their main product focus was on crypto loans:

With the help of BlockFi, one could borrow USD against deposited coins. The minimum loan amount is $10,000. The LTV (loan-to-value) ratio is 50%. This means that 50% of the coins must be deposited as collateral.

Coins that can be used include BTC, ETH or LTC. The loan term is 12 months and the interest rate is 4.5%. Processing fees may also apply.

Since cryptocurrencies are very volatile, you can quickly fall out of the 50% LTV. When the LTV reaches 70% (a so-called trigger event), BlockFi sends a notification that you need to post more collateral to bring the LTV back down to 50%.

Another Feature was bitcoin Rewards Visa Credit Card.

Similar to cash-back credit cards, the BlockFi Visa will earn you rewards in Bitcoin!


BlockFi does not charge trading fees on its platform, but it does mark up crypto assets with a spread of about 1 percent. The company says that figure can vary based on market condition


Due to the FTX bankruptcy and the $250 million loan BlockkFi received from Sam Bankman Fried, the company is preparing to file for bankruptcy as it has a “significant exposure” to the bankrupt crypto exchange FTX, according to a recent WSJ report.

Therefore we rate the company on Black.

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