Both BlockFi and Voyager are platforms for cryptocurrency management that allow users to trade and gain interest in crypto assets. Both platforms compete neck-to-neck in this field with their different benefits and services.
Key Takeaways
- BlockFi is a cryptocurrency lending platform that allows users to earn interest on their cryptocurrency holdings and borrow funds using their cryptocurrency as collateral.
- Voyager is a cryptocurrency trading platform that allows users to buy and sell a wide range of cryptocurrencies and earn interest on their cryptocurrency holdings.
- While BlockFi is more suitable for users looking to earn interest on their cryptocurrency holdings, Voyager is ideal for trading various cryptocurrencies in real-time.
BlockFi vs Voyager
The difference between BlockFi and Voyager is that BlockFi is a privately owned company that does not publish reports and it relies on Gemini, whereas Voyager is a publically owned company that trades under Voyager Digital Ltd (VYGVF). These platforms are different in many other aspects considering the different parameters of working strategies.
The main three product offerings on BlockFi are the BlockFi interest account, trading account, and crypto-backed loans.
Voyager is another cryptocurrency investment, a free mobile app that is available for both IOS and Android. It allows users to trade cryptocurrencies and earn profit with no lockups or limits.
Comparison Table
| Parameters of comparison | BlockFi | Voyager |
|---|---|---|
| Benefits | BlockFiprovides crypto-backed loans. | Voyager does not provide crypto-backed loans. |
| Yields | It offers yields on PAXG. | It does not support PAXG. |
| Signup bonus | It provides $20 in bitcoin. | It provides $25 in bitcoin. |
| Customer support | It offers its users several platforms to reach customer support. | It only offers email and in app texting to reach the customer support. |
| Ownership | It is a private company. | It is a publicly owned company. |
What is BlockFi?
BlockFi is a digital currency management platform that offers the trade of cryptocurrencies to all its users. It helps the users gain a profit interest of up to 8.6% annually.
All the users have to do is deposit their crypto in their BlockFi interest account. The interest rate for Stablecoins assets is up to 8.60% on USD Coin, Tether (USDT), and Gemini Dollar (GUSD).
The third and last are crypto-backed loans, which borrow USD in a bank account using crypto as collateral. Up to 50% of the crypto the user holds is allowed to borrow.
On BlockFi, no fee is charged for any activity, and it provides commission-free trading to its users. This platform strictly follows U.S. rules and regulations.
What is Voyager?
Voyager is a digital currency management mobile application enabling users to trade crypto and earn profits. It allows the users to earn interest in the crypto in its app.
The sign-up process on the app is very simple, and the user can start trading just in a few minutes and receive a bonus of $25 in bitcoins.
Secure funds remain the top priority for any crypto investor, and therefore, Voyager stands at the frontline in this field. Users always have their cryptocurrencies at their fingertips on the app.
Main Differences Between BlockFi and Voyager
- BlockFi offers numerous different channels to its users who seek customer support for any of their problems, like help centre, phone call, ticket submission, email, and others, whereas the customer support mediums provided by Voyager are limited to emails and in-app messaging.
- BlockFi is a privately owned company, whereas Voyager is a publicly owned company.
- https://academic.oup.com/rfs/article-abstract/34/6/2689/5912024
- https://ieeexplore.ieee.org/abstract/document/7906988/
Last Updated : 17 August, 2023
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Sandeep Bhandari holds a Bachelor of Engineering in Computers from Thapar University (2006). He has 20 years of experience in the technology field. He has a keen interest in various technical fields, including database systems, computer networks, and programming. You can read more about him on his bio page.
The variety of offerings and unique characteristics of BlockFi and Voyager provides investors with a wider range of options to diversify their crypto portfolio and optimize their investment strategies.
Absolutely, the features of these platforms equip investors with the tools needed to build diversified crypto portfolios.
The requirement for investors to carefully evaluate their investment goals and risk tolerance is evident when comparing platforms like BlockFi and Voyager. The need for tailored investment strategies becomes apparent in this context.
Indeed, personalized investment strategies are essential for optimizing returns and managing risk.
Absolutely, aligning investments with individual goals is a fundamental principle of successful investing.
The availability of customer support channels is an important distinction between BlockFi and Voyager. Investors are seeking platforms that offer responsive and accessible support to address their needs promptly.
Absolutely, customer service accessibility can significantly impact user satisfaction and experience.
Indeed, the customer support infrastructure provided by these platforms is a crucial aspect for users to consider.
Both BlockFi and Voyager offer unique cryptocurrency management benefits. BlockFi specializes in cryptocurrency lending and borrowing while Voyager focuses on cryptocurrency trading. Deciding which platform to use depends on the specific needs of the user.
I agree, the needs of the user are a key factor to consider when choosing between these two platforms.
Precisely, the distinction in product offerings and customer support is noteworthy.
The differences in the ownership structures of BlockFi and Voyager are significant, and may play a role in the level of trust investors place in these platforms. It’s an important consideration to bear in mind.
Definitely, the public versus private ownership contrast is an aspect that should not be overlooked.
The distinction between privately owned and publicly owned companies carries implications for investors in terms of transparency, governance, and regulation. Investors should carefully weigh these aspects when choosing a platform.
Indeed, the ownership variance can influence the level of transparency and adherence to regulations on these platforms.
Absolutely, the ownership structure can provide valuable insights into the operational and regulatory aspects of these platforms.
The competitive nature of the benefits and services offered by BlockFi and Voyager creates a favorable environment for investors, allowing them to select the platform that best aligns with their investment objectives.
Indeed, investors can evaluate these platforms based on their specific needs and preferences.
Absolutely, the user-driven competition between these platforms benefits the investors by providing them with diverse options.
The comparison table provides a clear overview of the distinct features of BlockFi and Voyager. It’s evident that each platform has its unique benefits and limitations.
Absolutely, understanding these differences is essential for users to make an informed decision regarding their cryptocurrency management.
The mechanisms for earning interest and yields differ between BlockFi and Voyager, providing investors with versatile options to align with their financial goals and risk tolerance levels. This diversification is a valuable offering.
Absolutely, the variances in interest offerings cater to the diverse investment objectives of investors.
Indeed, the flexibility in interest mechanisms is a noteworthy aspect for users to consider.
As an investor, the ability to earn interest on cryptocurrency holdings is a key factor. Both BlockFi and Voyager provide opportunities for profit, albeit using different approaches. Deciding which platform to use requires careful consideration of individual investment goals.
Absolutely, these platforms offer diverse strategies for users to grow and manage their crypto assets.
Indeed, aligning with one’s investment goals is crucial. Both platforms cater to different investor preferences.