BlockFi Partners with Binance to Add Support for Binance USD (BUSD)
BlockFi, a financial services company dedicated to building a bridge between cryptocurrencies and traditional financial and wealth management products, announced today that it is partnering with Binance to add support for Binance USD (BUSD) in eligible markets. The partnership will highlight the benefits of cryptocurrency adoption and further BlockFi’s mission to deliver a wider range of services and support for their clients.
The BlockFi Interest Account (BIA) will support BUSD and allow BlockFi’s customers to earn 8.6% APR in compounding interest in crypto on their BUSD balances. Additionally, BlockFi clients will be able to buy, sell, and trade BUSD into any currency currently available on their trading platform.
In the past year since its launch, BUSD has become one of the largest stablecoins by market cap, driven especially by large-scale adoption in the Southeast Asia cryptocurrency market. Currently, Binance dominates the global exchange space, making up a significant portion of crypto trading volume daily with a market capitalization of $2.4 billion (as of March 2021).
BUSD plays an increasingly valuable role in helping people move funds using blockchain payment rails, facilitating global access to major markets, and providing new opportunities for growth that many investors would not otherwise be able to access.
“We’re excited to partner with Binance and support BUSD on our platform and to continue providing our clients with innovative crypto opportunities,” said Zac Prince, CEO and Founder of BlockFi. “Greater adoption of currencies like BUSD benefits our clients and furthers crypto’s presence on the global stage.”
Founded in 2017 by Zac Prince and Flori Marquez, BlockFi was created with the goal of providing credit services to markets with limited access to financial products. Bridging the gap between the worlds of traditional finance and blockchain technology, BlockFi Institutional Services provides lending and borrowing of cryptocurrencies, stablecoins, and U.S. dollars, powered by our retail cryptocurrency balances. We can customize our lending products for each client’s specific business strategy, and are constantly evolving our services to address any future needs that might arise. BlockFi is backed by leading institutional investors and operates with a focus on compliance.
Binance USD (BUSD) is a stablecoin pegged to the United States Dollar (USD). Approved by the New York State Financial Services (NYDFS) and issued in partnership with Paxos, BUSD is available for purchase and redemption at a rate of 1 BUSD to 1 USD.
View full text