Crypto financial services company Blockfi has launched a trading platform supporting three cryptocurrencies. The new offering adds to the company’s existing services: interest-bearing accounts and crypto-backed loans. Blockfi has completed registration with the U.S. Financial Crimes Enforcement Network and expanded its state licenses to cover both lending and money transmission.
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Trading Platform Launch
Blockfi announced Thursday the launch of its crypto trading platform for individual and institutional investors. “Blockfi Trading will initially allow holders of cryptocurrencies to seamlessly trade between bitcoin, ether and the Gemini dollar (GUSD) within the Blockfi platform, subject to geographic availability,” the New Jersey-based company explained. According to the announcement, trades are fee-free and executed immediately based on current market prices. CEO Zac Prince commented, “To date, we have focused on providing products to existing crypto investors that are readily available to investors in other asset classes,” elaborating:
With the launch of trading, we are taking a big step in the direction of enabling net new investors to come into the ecosystem.
“Growth of the crypto market overall benefits the entire industry and we’re excited to shift our focus in that direction,” the CEO opined. Fiat support will be added at a later date. In addition, USDC and litecoin are expected to be supported in early January.
In preparing to launch the trading platform, Blockfi completed registration as a money services business (MSB) with the Financial Crimes Enforcement Network (Fincen), a bureau of the U.S. Department of Treasury. The company also expanded its “state licensing strategy to include money transmission licenses in addition to its existing state lending licenses,” Thursday’s announcement reveals. Blockfi services customers worldwide, including
