Today's interview is with Shayne Mullen from BlockFi. BlockFi is "Redefining Banking" and for retailers, offers 4 main business pillars: Interest Account, Trading, Crypto Loans, and Credit Card. Being Paid to HODL? Not selling your crypto and accessing dollars to make the purchase (at low interest rates)?
We dive into the business model and really touch on a lot of the details (and potential risks) for the business to operate like this. I've been a happy blockfi customer for a while now, and I've dropped in a referral code (https://blockfi.mxuy67.net/benlakoff) that can get you up to $200 after you deposit. BlockFi is REALLY interesting and has some great offerings for people looking to do a bit more with their crypto.
🎙 New Podcast Episode
Show Notes
0:00:00 Welcome and context
0:02:27 What is your background?
0:11:56 What is BlockFi?
0:13:30 What are the different divisions of BlockFi?
0:17:40 What is the institutional side of BlockFi?
0:21:31 How does BlockFi generate interest?
0:24:02 Who borrows Bitcoin from BlockFi?
0:29:45 Credit scores for crypto loans
0:31:00 What do you mean by cash equivalent?
0:34:40 How is BlockFi covering the interest spreads?
0:37:30 Are people borrowing PAX Gold
0:40:05 What is your retail based lending system like?
0:45:06 What happens to the users' bitcoin deposits?
0:47:26 How does the BlockFi Credit card works?
0:52:06 What are the fees related to BlockFi?
0:53:39 What are some of the risks with BlockFi?
0:57:31 Biggest threats to BlockFi as a business?
1:01:00 Who is your biggest competitor?
1:03:10 Where can people find out more about you?
👀 Find out more
Subscribe: Newsletter | Apple | Spotify | YouTube