- BlockFi announces support for Litecoin (LTC)
- Litecoin price responds bullishly to this announcement
- Users to earn 3.8 percent on their LTC holdings on BlockFi
Litecoin News Today – BlockFi recently revealed its plans to add support for Litecoin (LTC) and USD Coin (USDC). BlockFi is a digital currency lending startup that is backed by Winklevoss Capital and Galaxy Digital. The crypto lending platform wants to expand its suite of products for 2020, and Litecoin (LTC) would be part of that expansion.
BlockFi Set to Expand Its Suit of Products by Adding Litecoin (LTC)
The digital currency lending platform made the announcement in a letter penned by the founder of the startup – Zac Prince and Flori Marquez. The firm released the letter on January 2, and it states:
“In the first few weeks, we will be adding support for USD Coin (USDC) and Litecoin (LTC) with some of the most competitive interest rates in the market”
From January 8 this year, users will be able to earn interest on their Litecoin (LTC) and USD Coin (USDC) holdings, up to 3.8 percent and 8.6 percent respectively. According to the announcement, both digital currencies will be supported on the newly launched BlockFi trading platform.
Litecoin (LTC) Price Today – LTC / USD
BlockFi Aims to Attract More Consumers to the Crypto Space
Expanding the plans of the firm for this year, the digital currency lending platform talked about the instruction of a BTC rewards credit card to attract more consumers to the digital currency space.
A snippet of the statement from the company states:
“You’ll be able to spend money on your BTC rewards credit card like you normally do, except instead of earning airline miles or cash-back, you’ll be able to earn an industry-leading, BTC cash-back rate on every transaction that you make with the card.”
In the letter, the founder of the firm, Marquez and Prince, noted that they see credit cards as a “novel way to introduce digital currency to non-owners in a familiar, easy way.” The announcement also revealed news about the launch of a mobile application and the addition of fiat off and on-ramps in the next couple of months.
In a recent interview, Price said that the aim of the firm is to be able to make connections with people that do not have digital currency or are not very familiar with digital currency yet. In a statement, he said:
“We want to be a place where they can take that first step into the crypto ecosystem.”
Nevertheless, the US-based firm is not the first to offer digital currency-rewards credit card services. TomoCredit – an American startup – launched a similar project last year. The platform offers $10 in digital currency for every $100 spent with the card.