United States, July 1, 2021 /AlexaBlockchain/ – Crypto lender BlockFi has announced to support three new digital assets – Basic Attention Token (BAT), Multi-collateral Dai (DAI), and Uniswap (UNI) – on its platform.
About BlockFi
BlockFi is a financial services company dedicated to building a bridge between cryptoassets and traditional financial and wealth management products. Founded in 2017 by Zac Prince and Flori Marquez, BlockFi intends to advance the overall digital asset ecosystem for individual and institutional investors. BlockFi’s platform manages more than $15 billion in assets and has generated over $200 million in interest for clients. The company, headquartered in New Jersey with offices around the globe, continues to expand its presence in the United States and internationally.
Coming back to adding support to new crypto assets, the company said in addition to earning compound interest in crypto on each of these cryptoassets in a BlockFi Interest Account (BIA), clients can now buy, sell, and trade these new cryptoassets into any cryptoasset currently available on BlockFi’s trading platform.
What is Basic Attention Token (BAT)?
Initially launched in March 2017, BAT is a token used by a blockchain-based system for tracking media consumers’ time and attention on websites using the Brave web browser. BlockFi clients will be able to earn crypto interest on BAT held in a BlockFi Interest Account (BIA) at an introductory rate up to 3.65% APY through July 31, 2021.* The rate may be updated in August based on market conditions.
What is Multi-collateral Dai (DAI)?
Launched in November 2019, DAI is the first decentralized, collateral-backed cryptoasset. As a stablecoin, DAI’s price is soft-pegged to the U.S. dollar and collateralized by a mix of other cryptoassets that are deposited into smart-contract vaults every time new DAI is minted. BlockFi clients will be able to earn monthly compounding crypto interest on balances in DAI held in a BlockFi Interest Account (BIA) at an introductory rate up to 8.5% APY through July 31, 2021.* The rate may be updated in August based on market conditions.
BlockFi has cutioned users to take a note of the fact that BlockFi will only be supporting Multi-Collateral Dai (DAI) on the platform, not Single-Collateral Dai (SAI). BlockFi said that it will not be responsible for any funds lost or made irrecoverable due to trying to receive unsupported assets, wallets or networks.
What is Uniswap (UNI)?
Uniswap (UNI) is an ERC20 token first issued in 2018 by the Uniswap Protocol, a platform that’s intended to provide a highly decentralized financial infrastructure that facilitates community-led growth, development, and self-sustainability. BlockFi clients holding UNI in a BlockFi Interest Account (BIA) will be able to earn monthly compounding crypto interest at an introductory rate up to 3.75% APY through July 31, 2021.* That rate may be adjusted starting in August due to market conditions.