On March 23rd, BlockFi announced the lowering of their bitcoin interest rates. Starting 1 April, it’s just 2% for Bitcoin holdings starting with 1 BTC and only 0.5% for any Bitcoin holdings exceeding 20 BTC!
For many previous customers, this announcement has created a big stir and many users feel like left out in the cold. Most of them are now actively looking for more attractive alternatives that offer higher interest rates. In the following post we present the top 3 alternatives to BlockFi:
1. Cake DeFi
Cake DeFi is a regulated company based in the global financial hub of Singapore.
Cake DeFi’s vision is to make investing easy, personalized and fun. In line with its name, Cake DeFi advertises “sugar-sweet” returns on Bitcoin investments of up to 7.5% annually. Its lending product is thus similar to that of BlockFi, but it offers a much higher return regardless of how many Bitcoins are invested. Furthermore, the base return of 5% is guaranteed and backed by independent partners.
If the bitcoin price rises sharply within a lending period, it can result in returns of 6.24% or even 7.5%. Since the beginning of the year, there have been a total of 12 payouts, five of which have already paid out returns of 6.24% and one of which has even paid out a whopping 7.5%
Unlike the two platforms presented below – Celsius and Nexo – Cake DeFi offers the entire yield distribution in the native coin, i.e. Bitcoin, Ethereum or USDT, and not in a separate company token.
So especially if you think Bitcoin might still rise in value in the near future, or you want to get paid in Bitcoin itself rather than in corporate tokens, Cake DeFi is worth it with its unbeatable high returns while offering a guarantee!
Click Here if you’d like to learn more about Cake DeFi.
2. Celsius
Celsius is the platform with the highest assets under management in our list of the best BlockFi alternatives and had its Initial Coin Offering – where the company token “CEL” was issued – in 2018.
The platform offers bitcoin returns of 4.06% per year, regardless of how many bitcoins are deposited.
It is even possible to increase this return to 5.10% by holding at least 25% of your portfolio in the company token CEL. This gives you a “Platinum Level” on Celsius and thus higher returns.
Furthermore, Celsius offers the possibility to borrow US dollars by providing collateral in the form of various cryptocurrencies.
So overall, Celsius is an interesting alternative to BlockFi, especially if you manage a larger number of bitcoins and also don’t mind holding 25% of your portfolio in the company token CEL, which itself is subject to market fluctuations.
Click Here if you’d like to learn more about Celsius.
3. Nexo
Nexo aims to offer “banking on crypto,” meaning that the platform not only offers returns on Bitcoin, but a whole range of services you might be familiar with from your bank:
Credit cards, savings accounts for fiat currencies, and taking loans.
Similar to Celsius, Nexo also has its own company token called “NEXO.”
At the basic level, Nexo offers 5% APY on bitcoin. However, if you hold 10% or more Nexo tokens in your portfolio, that becomes 6% – with the option to “earn in NEXO” and make 8% while receiving the much more speculative and volatile company token.
If you’re more looking for a “crypto bank” and are not so focused on earning returns in the native coin Bitcoin, Nexo could be an interesting alternative to BlockFi with its credit card offering, interest accounts and ability to borrow money.
Click Here if you’d like to learn more about Nexo.
Conclusion: which bitcoin interest earning platform is best for me?
As can be seen in the table below, for most customers – especially if you don’t want to invest a significant portion of your portfolio in centralized company tokens – Cake DeFi offers the most attractive return.
With a clear focus on being able to generate high returns on Bitcoin and other cryptocurrencies as easily and user-friendly as possible, Cake DeFi is suitable for beginners and experienced crypto investors with many Bitcoins alike.
So Click Here to sign up for Cake DeFi now and get a $20 signup bonus for a limited time only!