Specifically, on January 8, the company has announced its facilitating features for 2 major altcoins – Litecoin (LTC) and USD Coin (USDC) – the US dollar-pegged stablecoin designed by crypto exchange heavyweight Coinbase.
The freshly-rolled out support will reportedly enable BlockFi clients to conduct transactional activities, take loans and interests with the 2 altcoins above.
A certain compounding interest will be awarded to the clients on a monthly basis, via their BlockFi Interest Account (BIA).
The annual percentage yield (APY) of USDC clocked in at 8.6%, and the figure for the same value of Litecoin stands at 3.8%.
The crypto lending sector has experienced a boom recently, due to a few underlying factors, including low interest rates, the rise in numbers of borrowers and investors – people that value the convenience in receiving digital assets instantly, along with a simple process for anyone disqualified by banks to borrow money, but can still get ahold of crypto easily.