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Celsius and BlockFi Competition Heating Up

2 min read
Celsius and BlockFi Competition Heating Up

Crypto lending platforms are now getting traction as they let users earn passive income by just depositing cryptocurrencies on their platform or app.

BlockFi a crypto lending platform that allows its users to receive interests by just depositing funds on their platform. They have recently announced that they will no longer require minimum deposits on the list of cryptocurrencies that earn interest on their platform. They used to require users to deposit 0.5 BTC, 25 ETC, or 2,500 GUSD before they can earn interest. BlockFi pays interests to its users on a monthly basis.

BlockFi updated chart
BlockFi’s updated interest rates for depositing crypto

On the other hand, Celius Network also a crypto lending app lets its users earn interests weekly by depositing any amount of cryptocurrency on their app. Moreover, they are supporting 19 different currencies on their app. These currencies include Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), XRP, and many others.

Celsius will be supporting EOS, Tron (TRX), Algorand (Algo), and more stablecoins announced on their app.

They have been also paying their users weekly interests for depositing any amount of cryptocurrencies on the app.

Celsius App
Celsius app screenshot

Furthermore, CEO of Celsius Network Alex Mashinsky reacted on the recent announcement of BlockFi by posting a Tweet saying:

Alex Tweet
Alex Mashinsky’s Tweet

Competition between BlockFi and Celsius is heating up

Competition is always better for the industry and for its users. Both BlockFi and Celsius may find other ways to provide better services for their users because of the current situation. We don’t know what are the plans of the two platforms at this stage.

We are on an exciting phase within the crypto lending industry as these two platforms are competing hard to be the best crypto lending platform.