Decentralized exchange platforms allow cryptocurrency users to trade their digital assets over the network without any intermediary. The user stores the cryptocurrency in the platform buys or sells goods to earn income.
Crypto.Com vs Blockfi
The difference between Crypto.com and Blockfi is that Crypto.com charges minimum deposits to earn interest rates for different cryptocurrencies, while Blockfi does not have any limits in deposits. Crypto.com pays interest rates every day, but Blockfi pays interest rates on the first of every month. Crypto.com uses vault technology, multi-signature, and cold storage insurance to secure the transactions, whereas Blockfi company depends on third-party custodians like Gemini, Coinbase, and BitGo to secure the assets.
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Crypto.com is a platform that offers products like secure payment channels, financial services, and trading products. It is a platform that gives complete control to the users of their money and data.
On the other hand, Blockfi is a platform that offers competitive interest rates on cryptocurrency. It offers its services only to US citizens plus is regulated by Federal laws.
Comparison Table
| Parameters of Comparison | Crypto.Com | Blockfi |
|---|---|---|
| Founded in | 2016 and Kris Marszalek, Bobby Bao, Gary Or, and Rafael Melo are the founders. | 2017 by Zac Prince and Flori Marquez. |
| Interest rates | It uses simple and fixed interest rates | It uses compound interest rates |
| Payment | It pays interest rates daily. | It pays to earn every month. |
| Minimum deposit | The user has to deposit a minimum amount based on cryptocurrency to start earning. | There is no requirement for a minimum deposit. |
| Tokens | MCO and CRO | No tokens |
What is Crypto.Com?
Crypto.com is a platform developed to empower humans to safeguard their rights on money, identity, and data.
It is a cryptocurrency payment platform that allows its users to access and control their money from anywhere and any time.
The legal name of the company is MCO Malta DAX Limited and is commonly known as Monaco, Foris LTD, MCO Pay Limited, MCO Digital Asset Group, Foris Asia Pte Ltd, and Foris Inc.
The company has the support of Fiat institutions like VISA cards that allow users to use or withdraw fiat money through cryptocurrency to achieve their vision to have cryptocurrency in every wallet.
Exchange as a trading solution, and Crypto Earn, Crypto credit, and Decentralized financial products are solutions of financial services.
What is Blockfi?
Blockfi is a financial service platform that provides a way to connect individuals and companies to earn interest in cryptocurrency. It was started by Zac Prince and Flori Marquez in 2017.
The company provides its services only to US citizens in 50 US states. The company offers interest rate earning on cryptocurrency, low-cost USD loans, and free-of-cost trading facilities to its users.
It provides high quality and secures financial services to its users. The interest accounts holders get interested monthly or compound. Its earnings increases as per the time the assets are stored in the account.
Main Differences Between Crypto.Com and Blockfi
- Crypto.com pays interest rates daily or weekly, whereas Blockfi pays interest rates monthly.
- Crypto.com have tokens like MCO- a utility token and CRO for staking purpose, whereas Blockfi does not have utility tokens.
- https://help.blockfi.com/hc/en-us
- https://help.crypto.com/en/collections/260596-crypto-com-app
- https://crypto.com/images/crypto_com_whitepaper.pdf
- https://blockfi.com/mission
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Chara Yadav holds MBA in Finance. Her goal is to simplify finance-related topics. She has worked in finance for about 25 years. She has held multiple finance and banking classes for business schools and communities. Read more at her bio page.
