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Disclaimer: Nothing in this report constitutes investment adviceâI 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.
Hey everyone and welcome to the HODLerâs Den!
Here you will find information on my crypto investment portfolio straight from a HODLerâs perspective. This section will focus on HODLing cryptos and interest-earning platforms.
BlockFi
Updates
BlockFi partners with DeFi (Decentralized Finance) Alliance which may possibly indicate a shift from CeFi (Centralized Finance) into a hybridize CeFi-DeFi platform. By working with DeFi Alliance, BlockFi hopes to remain regulated and compliant as it begins its journey to adopt and utilize DeFi protocols and projects. Hopefully, this means they will be adding some DeFi tokens in the near future.
âWeâre thrilled to be joining the DeFi Alliance, as we share similar goals in expanding and strengthening the DeFi ecosystem,â said Zac Prince, CEO and Co-Founder of BlockFi. âBlockFi has been fortunate to have the support of others in the DeFi community, and our expectation is we can pass on similar support and mentorship to startups and market-oriented companies within the alliance.â
Tokenization gains more adoption as BlockFi entered into an agreement with Elevated Returns to âprovide lending facilities against digital assets issued within the Elevated Returns group of companies.â
Elevated Returns and BlockFi plan to begin lending to holders of the Aspen Digital Token, which represents partial ownership in the St. Regis Aspen Resort. Later this year, the partnership will expand to include other tokens issued by Elevated Returnsâ Asia-focused group regulated platform.
Tokenization will make more assets available to investors because it can be broken into smaller and manageable pieces. One example is tokenizing real estate into little chunks so that it can be purchased and shared by several investors rather than one sole investor.
The Chicago Mercantile Exchange (CME) recently added BlockFi as a Bitcoin (BTC) futures and options block liquidity provider.
âItâs an incredibly exciting time for the cryptocurrency sector, with institutional adoption and bullish sentiment growing steadily,â said Zac Prince, CEO and Co-Founder of BlockFi. âWeâre thrilled to announce our partnership with CME, which helps facilitate financing efficiency for institutional market participants.â
October has been a busy month for BlockFi with new partnerships and listing. It is great to see that many institutions are welcoming crypto and adopting it into their model. I can see why the market is bullish on legacy coins such as BTC and ETH (Ethereum).
Security
In an effort to provide continued security updates, BlockFi has partnered with Auth0.
Auth0 provides identity verification and security solutions for some of the largest and most complex use cases, serving global enterprises across 70 countries and securing billions of login transactions every month. Itâs a natural fit for BlockFi, since weâre continuing to build an industry-leading security program for an ever-growing, globally distributed user base.
Starting November 3rd, 2020, BlockFi accounts will begin migrating over to Auth0 in batches in the coming months.
When youâve been selected to be migrated, if you have 2FA enabled, you will be required to enter your existing 2FA challenge and then re-setup 2FA. If you do not have 2FA, we highly suggest to set it up by following these instructions. You will then be seamlessly transitioned upon logging in. You cannot proactively go into your settings to be migratedâBlockFi will handle the migration upon login.
Looks like all accounts with active 2FA will have to redo the 2FA setup process again after the migrationâa little minor inconvenience for improved security.
Interest Earned
It has been 4 weeks since the last BlockFi report and during that time my portfolio gained roughly 279 USDâa 20% increase. I track my progress with each lending platform using a Google Spreadsheet.
With the current bullish sentiment in Bitcoin, it is not surprising that my BlockFi portfolio gained 20% in earnings compared to the last report. Bitcoin (BTC) is sitting at 13.8k USD while Ethereum (ETH) is at 387 USD. Both of these assets make a majority of my BlockFi portfolio and it is clearly reflected in my portfolio. As a HODLer, I just sit back and watch my account compound and grow. Remember that the gains here will be astronomical during a bull market.
Conclusion & Prospect
BlockFi is not the most exciting interest-earning platform, but maybe that is a good thingâit is simple and straightforward platform to deposit your crypto and start earning. Unlike Celsius Network, Crypto.com, or Bitrue, there is no need to purchase a utility token to access higher tiers. BlockFi is great in that every customer receives the same APR (Annual Percentage Rate) and everyone is at the same equal tier for earning.
However, a utility token can add extra âflavorâ to a platform and create a sense of community. By owning said tokens, you are invested in the platform and its wellbeing. The price of the token can appreciate over time if the platform is doing well and so it also serves as an indicator for performance. Even though I like BlockFiâs equal tier model for all users, the extra perk of owning a utility token for a higher APR tier might be worthwhile for some investors like myself.
It is really up to you to make that final decision on where to put your investments. As I have mentioned in my previous reports, BlockFi is my âset and forgetâ investment in that I am not going to touch it for an extended period of timeâI like to think of it as my personal 401k retirement fund. With many platforms hybridizing into DeFi-Cefi, I hope BlockFi will add some DeFi tokens for earning interest in the coming months.
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.
You are currently reading the Free Version. If you would like more information, please consider switching to a paid subscription.
Each week I will report on a different interest-earning platform that I useâmainly, Celsius Network, Bitrue, Crypto.com, and BlockFi.
If you are new to crypto or have considered joining new platforms, check out this referral sheet which organizes everything into a simple chartâyou can earn over 100 USD in bonuses!
This is part of the FREE subscription package that goes out to hundreds of investors. I also have a paid subscription package which includes exclusive content and insights. To really get the most bang for you buck, check out my bundle packages through Patreon.
For a limited time Iâll also be offering an option to pay in DAI. Using this method youâll get an annual subscription for only 50 DAI.