New York-based crypto lending startup BlockFi announced on Thursday that it has launched BlockFi Trading, adding exchange functionality to the platform.
According to the announcement, BlockFi users can now buy and sell Bitcoin (BTC), Ethereum (ETH) and Gemini Dollar (GUSD) with zero trading fees and with all trades executed immediately based on current market prices.
“To date, we have focused on providing products to existing crypto investors that are readily available to investors in other asset classes. With the launch of trading, we are taking a big step in the direction of enabling net new investors to come into the ecosystem,” said BlockFi founder and CEO Zac Prince. “Growth of the crypto market overall benefits the entire industry and we’re excited to shift our focus in that direction, in addition to adding products and features that expand the value proposition for our existing clients.”
The new trading functionality works seamlessly with the other products on BlockFi’s platform, allowing users to transfer funds to and from the BlockFi Interest Account (BIA) and loan products.
BlockFi has made sure to complete all the necessary regulatory steps leading up to the launch, noting that it has completed MSB registration with FinCen and has expanded its state licensing strategy to include money transmission licenses in addition to its existing lending licenses.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.