BlockFi Adds LINK Token at 5.5% APY
The firm cited popular demand on social media as its decision to add LINK.
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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.
We heard you. No, really. We did. pic.twitter.com/HAkyN8dzlp
— BlockFi (@BlockFi) March 1, 2021
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 specified the interest rate for LINK deposits on the platform is 5.5% APY.
Today’s announcement will benefit LINK holders keen 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.