BlockFi Progress Report 📈

HODLer's Den

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Disclaimer: Nothing in this report constitutes investment advice—I am just reporting on my accounts and its progress on each platform. You should not use this report to make financial decisions. I recommend you seek professional advice from someone who is authorized to provide investment advice.

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Hey everyone and welcome to the HODLer’s Den!

Here you will find information on my crypto investment portfolio straight from a HODLer’s perspective.  This section will focus on HODLing cryptos and interest-earning platforms.

BlockFi

BlockFi Wallet

• BlockFi Wallet is a new and easy way to buy, sell and store cryptocurrencies and stablecoins.

• Assets held in Wallet will not earn crypto interest and will be securely stored with custodians.

• All trading activity, accumulation of credit card rewards, and collateral transfers for loan products will occur in Wallet.

• The key benefits of a Wallet account include: no fee and no minimum balance requirements, ability to trade crypto assets, seamless connectivity to other products on the BlockFi platform, client support, automatically generated tax documentation for U.S. clients, and safeguarded asset storage.

Chief Operating Officer

• Deborah Barta becomes BlockFi’s Chief Operating Officer. In this newly formalized role, Ms. Barta will drive operational maturity and support the execution of BlockFi’s strategic vision.

  

• Barta joins BlockFi from Mastercard following a 15-year tenure holding a variety of global roles across several business lines, including Mastercard Labs, creating transformational environments and leading innovative platforms for scale.

Chief Technology Officer

• Alexander Grigoryan has joined BlockFi as the Chief Technology Officer and will oversee all global product development and technology strategy moving forward. 

  

• Grigoryan brings 15+ years of engineering and management experience having worked in a variety of startups and Fortune 500 companies scaling and managing large, global engineering organizations as well as spearheading the development of world-class mobile payments technology and customer experience platforms.

Update to BlockFi Interest Account (BIA) Rates

• Here are the rate changes for February 2022 affecting stablecoins while other assets remain the same.

  

Interest Earned

It has been 4 weeks since the last BlockFi report and during that time my portfolio lost over 2800 USD in total interest paid. I track my progress with each lending platform using a Google Spreadsheet.

Bitcoin (BTC) is currently at 37.9k USD while Ethereum (ETH) is at 2579 USD. Both of these assets make a majority of my BlockFi portfolio and it is clearly reflected in my portfolio.

Both of these assets have taken major hits in the recent market liquidation and Omicron news.

However, as a HODLer I can usually ignore market fluctuations and continue to accumulate and compound my earnings.

You can use the Interest Rate Tracker to find the best APR rates across several platforms to fit your HODLing needs.

Conclusion & Prospect

Just like Celsius Network, BlockFi introduced the BlockFi Wallet which allows users to hold crypto assets with the platform through a custodian. Note that assets in the wallet does not generate any interest earnings—only assets in the BlockFi Interest Accounts (BIA) will earn APRs.

BlockFi continues to onboard new talent even during a down market and that is a positive sign that the company is still building and moving forward. Hopefully these new hires can bring more value toe BlockFi and its users.

It is expected that BlockFi will adjust rates on a monthly basis and that is the norm across every CeFi platforms. This time around, stablecoins receive reduced APRs across the board. I am guessing most users are rotating into safer crypto assets during this down market.

My portfolio took a major hit, but I know that crypto will always climb back. Have patience and continue to HODL.

Each week I will report on a different interest-earning platform that I use—mainly, Celsius Network, Bitrue, Crypto.com, and BlockFi.

If you are new to crypto or have considered joining new platforms, check out the Starter Pack created by CryptoOneStop by clicking here or if you want to earn over 250 USD in referral bonuses then click here.

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What I Am Doing

This section is dedicated to paid subscribers as I will go into details of what moves I am making with my interest-earning portfolios.