NEW YORK, Oct. 16, 2018 /PRNewswire/ -- BlockFi, the leading crypto-to-USD lender, is now supporting Litecoin (LTC) and Gemini's GUSD stablecoin towards USD loans. This marks the company's first expansion of accepted collateral into top-10 cryptocurrencies. Additionally, BlockFi is the first crypto-backed lender to support GUSD as a loan funding option.
"We're excited to add support for GUSD and LTC and to welcome the Litecoin community to our platform," said Zac Prince, CEO and co-founder of BlockFi. "BlockFi is already the lowest-cost crypto-backed lender in the U.S. and we're planning to expand our services to more collateral types and geographies in the short term."
Supporting GUSD as a loan funding option enables BlockFi to fund loans 24/7, rather than just during U.S. banking hours. Gemini announced the GUSD stablecoin in September as an ERC20 token on the Ethereum network. Backed by U.S. dollars in a bank account, the GUSD deposit balance is examined monthly by BPM LLP, a registered public accounting firm.
BlockFi plans to continue the expansion of their lending products by supporting a number of other major cryptocurrencies. The company considers this another major step toward providing reliable and timely liquidity in global markets.
"This announcement is a big step towards BlockFi's global expansion, which has been a part of our vision since the company's founding," said Flori Marquez, BlockFi co-founder and VP of operations. "It's easy to forget that people in many parts of the world do not have access to low-cost credit. We look forward to providing that stability to residents of countries with less-stable currencies."
In July 2018, BlockFi raised $52.5 million from Galaxy Digital Ventures LLC, a digital currency and blockchain technology investment firm founded by Mike Novogratz. This marked the industry's first institutional investment in cryptoasset-backed loans.
BlockFi offers the ability to leverage crypto assets to obtain USD loans. BlockFi operates in over 45 U.S. states and is backed by leading investors including Galaxy Digital Ventures LLC, ConsenSys Ventures, PJC and SoFi. The company was founded by Zac Prince and Flori Marquez in 2017. Learn more about BlockFi's products, company and team at BlockFi.com.
Brad Michelson, Director of Growth & Customer Acquisition
BlockFi Lending LLC
SOURCE BlockFi Lending LLC