VILNIUS, LITHUANIA / ACCESSWIRE / September 6, 2021 / 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. The user's reward in USDC is guaranteed by BlockBank. This ensures that every user engaging with the platform gets USDC as interest. With the BlockBank application V2 update arriving in Q3 this year, the users will be able to view their live portfolio and receive monthly payouts, all with no deposit and withdrawal fees or limits.
High-Yield Interest With BlockBank
BlockBank's high-yield alternative to traditional savings accounts offers competitive APY on USDC balance in the wallet. USDC is a stablecoin that can always be redeemed one-to-one for USD. This means, by lending USDC to BlockBank, the users can earn between 60x more than the traditional savings accounts and 4x more of high-yield savings accounts.
There has been a 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. The user's assets are pegged to another cryptocurrency or asset and the user's contribution runs into a risk of getting diluted subject to a higher credit risk.
BlockBank offers its users an opportunity to earn more interest than the traditional banks, while also providing peace of mind and a safe, secure way to earn. This comes with a guarantee for crediting USDC in the user's 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
A Simple and Refined Application
Once V2 of the BlockBank application is available, it will be as simple to use and provide an intuitive user experience. The users will automatically start earning APY on the available in the account.
Safely and securely earning via USDC balance in the wallet is the initial benefit. The development team is working on adding more rewarding methods to help the users get the most of their investments.
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.
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. The aim is to combine the best of DeFi and CeFi worlds in one application, incorporating patented Robo Advisor technology to bring financial empowerment to clients.