BlockBank will be enabling its users to earn interest on the stablecoin USD Coin (USDC), with rates up to 60x the US national average of a traditional savings account.
Best of all, your USDC is guaranteed by BlockBank, giving you complete certainty whilst you earn interest. With the BlockBank application V2 update arriving in Q3 this year, you will be able to view your live portfolio and receive monthly payouts, all with no deposit and withdrawal fees or limits.
Generating a passive income by obtaining the best interest rate is on everyone’s mind nowadays. In fact over the years, interest rates in traditional banking have decreased close to zero, making it hard for you to earn a passive income on your assets. The US national average for a traditional savings account hovers around 0.07% per year, with high-yield savings accounts at around 1%, still nothing to rave about.
BlockBank’s high-yield alternative to traditional savings accounts offers competitive APY on your USDC, a stablecoin that can always be redeemed one-to-one for USD. This means, by lending your USDC to BlockBank, you can earn between 60x more than the traditional savings accounts and 4x more of high-yield savings accounts.
Recently investors have seen the rise of crypto interest accounts that offer attractive rates on customers’ assets. While the high interest rates are appealing, they can present varying levels of risk. When you read the full terms and conditions, you may find that your assets are loaned to unidentified third parties and subject to their credit risk, which could result in a total loss of your crypto holdings.
BlockBank wants to offer its customers the opportunity to earn more interest than the traditional banks, while also providing peace of mind and a safe, secure way to earn. That’s why BlockBank is proud to offer a principal guarantee for the USDC in your BlockBank account.
“The integration with USDC’s ecosystem will allow our users to achieve high yield APYs in a risk free & insured platform.
This shows that we are here to stay and compete with top providers out there in the market.”
– Darren Franceschini, Chief of Operations – BlockBank
Once V2 of the BlockBank application is available, it will be as simple as USDC to the pool and you will automatically start earning APY on the USDC in your account.
Safely and securely earning on your USDC is just the beginning — BlockBank will continue to build more rewarding ways for you to earn interest on your crypto savings. Visit the Interest section of your BlockBank Portfolio to see all of the different ways you can earn interest by holding cryptocurrencies and stable coins.
As an open standard and public smart contract, USDC has rapidly grown the largest stablecoin industry ecosystem in the world. Hundreds of companies, products, and services support the USDC standard, including digital wallets, exchanges, DeFi protocols, savings, lending, and payment services. USDC is creating value for the entire blockchain ecosystem.
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BlockBank is a one-stop solution that combines the power of decentralized and centralized technology in a simple and secure Mobile & Web application. BlockBank’s vision is to create an all-in-one crypto application that simplifies the user experience without compromising security, privacy, or decentralization. BlockBank aims to combine the best of DeFi and CeFi worlds in one application, incorporating patented Robo Advisor technology to bring financial empowerment to clients.
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