BlockFi

Founded in 2017, BlockFi provides trade execution services for institutions and opportunities for retail investors to earn a yield on their bitcoin holdings. In January 2018, BlockFi launched its first product: USD loans backed by cryptocurrency for cryptocurrency holders allowing them to offer their bitcoin, ether or litecoin assets as collateral for a loan. In 2019, BlockFi launched its second major product to retail customers, a crypto-funded interest account. With this account, customers deposit bitcoin, ether or litecoin with the company for the assets to accumulate cumulative interest every month. BlockFi has previously advertized 6.2% annual interest, compounded monthly. The firm has $10 billion in outstanding loans, $15 billion in total assets and has been operating profitably for several months.