BlockFi Enters Crypto Trading Arena with New Exchange

Crypto lending services BlockFi on Thursday announced the launch of a digital asset Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term, targeted to both retail and institutional investors.

Dubbed BlockFi Trading, the platform will initially allow trading in three digital assets - Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, Ethereum, and Gemini dollar.

With its new product, BlockFi is entering a highly competitive market of digital asset exchanges where players like Binance and Coinbase are dominating. To cut into the saturated market, the platform will not charge any fees to execute trades.

Commenting on the new platform, Zac Prince, founder and chief executive of BlockFi, said: “To date, we have focused on providing products to existing crypto investors that are readily available to investors in other asset classes. With the launch of trading, we are taking a big step in the direction of enabling net new investors to come into the ecosystem.”

“Growth of the crypto market overall benefits the entire industry and we’re excited to shift our focus in that direction, in addition to adding products and features that expand the value proposition for our existing clients.”

The lucrative business of crypto lending

Founded in 2017, BlockFi offers crypto lending services, offering loans to those who are interested in borrowing crypto, starting from $2,000, and going as high as $100 million, against Bitcoin, Ethereum or Litecoin at a 4.5 percent interest rate.

It is backed by billionaire Mike Novogratz’s Galaxy Capital, and raised nearly $79 million in various funding rounds, according to CrunchBase. The Winklevoss twins’ Gemini exchange is providing custody of BlockFi accounts, which recently added digital asset insurance coverage.

The announcement also outlined that the company completed MSB registration with FinCen and has expanded their state licensing strategy to include money transmission licenses in addition to its existing state lending licenses. These were done prior to the launch of its trading services.

Meanwhile, in its core crypto lending business, BlockFi is facing competition from players like Blockchain.com, which launched a crypto lending service last month.