JERSEY CITY, N.J., June 30, 2021 /PRNewswire/ -- BlockFi, a financial services company dedicated to building a bridge between cryptoassets and traditional financial and wealth management products, today announced that it will support Basic Attention Token (BAT), Multi-collateral Dai (DAI), and Uniswap (UNI) on the company's platform.
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.
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.
Please note: BlockFi will only be supporting Multi-Collateral Dai (DAI) on the platform, not Single-Collateral Dai (SAI). BlockFi is not responsible for any funds lost or made irrecoverable due to trying to receive unsupported assets, wallets or networks.
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.
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.
The addition of these new cryptoassets advances BlockFi's mission to deliver a wider range of services and support for its clients while providing a path to financial empowerment on a global scale.
For questions about supported cryptoassets at BlockFi, please submit a support ticket HERE.
About BlockFi
BlockFi is a new breed of financial services company. Founded in 2017 by Zac Prince and Flori Marquez, BlockFi is building a bridge between cryptoassets and traditional financial and wealth management products 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.
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Nothing contained in this announcement should be construed as a solicitation of an offer to buy or offer, or recommendation, to acquire or dispose of any security, commodity, investment or to engage in any other transaction. The information provided in this announcement is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. This announcement is not directed to any person in any jurisdiction where the publication or availability of the announcement is prohibited, by reason of that person's citizenship, residence or otherwise.
Neither BlockFi nor any of its affiliates or representatives provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions. Trading qualifications are dependent upon geographic and regulatory restrictions.
Digital currency is not legal tender, is not backed by the government, and crypto interest accounts are not subject to FDIC or SIPC protections. For more information, please see BlockFi's Terms of Service.
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