Blockfi who pay 6.2% interest on BTC and ETH now have $53 MM in deposits; Samsung using Ethereum to developed own blockchain and potentially token; Binance launched long-awaited DEX.
Blockfi is a blockchain lending startup, who offer deposit accounts boasting a massive interest rate of 6.2% on Ethereum and Bitcoin. Conversely, Blockfi also offers crypto-backed loans that are issued in USD, and only up to 50% of the total value of the collateral pledged. However, one catch is the company reserves the right to adjust interest rates at any time. This hasn’t stopped the company from gaining $18m in deposits since March, pushing their total interest-earning account to over $53 MM. Coindesk gives an extensive background of the company and the changes they foresee in the future to create a sustainable business model.
South Korean electronics manufacturer Samsung is considering launching their own Ethereum based ERC20 token. According to CoindeskKorea Samsung is in the process of developing the mainnet for there blockchain. A few months ago Samsung released a crypto wallet without bitcoin capabilities, only Eth, and investors were perplexed, but this move seems to make sense now in light of their move towards an erc20 token. Coindesk’s Yogita Khatri discusses Samsung’s comments about their potential blockchain and decisions they have made.
Binance releases there long awaited decentralized exchange (DEX), allowing traders to make transactions without giving up custody of there private keys. When traders give an exchange private keys, it exposes them to the possibility of an exchange hack and ultimately the loss of funds. DEXs completely remove this risk from trading cryptocurrencies.
“We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system. With no central custody of funds, Binance DEX offers far more control over your own assets. We hope this brings a new level of freedom to our community. We will work closely with projects and teams to grow the entire ecosystem.” said CZ, CEO of Binance.