Crypto lending platform BlockFi is now offering interest payments to investors who deposit Chainlink (LINK).
Currently, BlockFi offers interest on Bitcoin, Ethereum and stablecoins. According to CEO and co-founder Zac Prince, $35 million worth of interest payments were distributed to investors in February alone.
BlockFi announced on Twitter the service is being extended to Chainlink.
“It’s happening, @chainlink Marines: Starting March 2, you can earn 5.5% APY in crypto on your #LINK with BlockFi. RT to spread the word.”
Founded in 2017, BlockFi has expanded its services in multiple ways since the beginning of 2021. In January, the lending platform announced the launch of an over-the-counter (OTC) trading desk for institutional and ultra-high-net-worth clients. The desk will support large-cap cryptos like Bitcoin, Ethereum and Litecoin with services including spot trading, credit capabilities and margin trading products.
In February, the company launched the BlockFi Bitcoin Trust. According to Prince, the new trust is aiming to spur more institutional investments in crypto.
“Given the level of institutional activity in recent months and demand for new, professional-grade investment vehicles, the timing of BlockFi Bitcoin Trust is ideal. As we work to broaden the availability of this vehicle to retail brokerages, we expect this product will facilitate greater investments in digital assets — at the core of BlockFi’s mission in bridging crypto with traditional finance.”