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The Top 2 Crypto Lending Platforms: Nexo and BlockFi

The Top 2 Crypto Lending Platforms: Nexo and BlockFi

24 Oct 2020

Reading Time: 3 minutes

Crypto lending has gained lots of attention over the past few years. Here we'll discuss the top 2 lending platforms, from the highest interest rates to the most secure. Cryptocurrency lending is a process where borrowers use crypto assets as collateral to obtain a fiat or stablecoin loan. The loan platform will supply the assets required for the loan at a locked in interest rate. Crypto lending is generally very fast and convenient since there’s no need for any sort of verification process. Nexo and BlockFi are the big names of crypto lending. In this article, we will compare the two to see the pros and cons of each.

Crypto Lending Platforms: Nexo and BlockFi

Nexo vs BlockFi

  • Nexo is one of the biggest crypto lending platforms and continues to be a popular choice. It has around 2 million customers globally. It supports fiat currencies and over 20 cryptocurrencies, making it a very convenient lending platform.
  • Nexo's first priority is security, with $100 million in insurance protection per wallet and uses a military grade security system. They are also a licenced and regulated financial institution. This means that their wallets are pretty much the safest ones around. It doesn't have the     highest interest rate at around 5% per year but the compound interest is paid out daily and it does offer full flexibility since there are no lock-in periods, in addition to this you can withdraw at any time without any fees.
  • BlockFi is a leading lending platform for cryptocurrencies which we will be comparing to Nexo. Blockfi offers loans and savings accounts on GUSD, Ethereum, Bitcoin and Litecoin. They are also one of the oldest and first crypto lending platforms and are based in the United States.
  • BlockFi has a higher interest rate of 8% and no minimum balance required to earn interest. There’s no need to use native tokens to receive any interest rate bonus. It is reliable and insured by AON and stored by Gemini which is regulated in the US. Their security system isn’t as bulletproof as Nexo’s bank-grade Class III vaults with SOC 2 Type 2 certification.
  • Nexo has a 500 USD minimum and 2 million USD maximum whilst BlockFi has no minimum or maximums. Blockfi has withdrawal fees of 0.0025BTC while Nexo has no such fee. BlockFi Interest account holders can withdraw their assets at any time, but with the following penalty: they will forfeit their compound interest for that calendar month.

Top 2 Crypto Lending Platforms: Nexo and BlockFi

To wrap things up, BlockFi have a more responsive team and superior customer service and even though they have no app, they don’t fall short in terms of usability. On the other hand, Nexo forces you to be paid out in Nexo tokens whilst Blockfi allows you to be paid in the more widely accepted Bitcoin or stablecoin which can make the whole process much smoother in the long run.

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