Zac Prince: What is Crypto Lending? | SALT Talks #233 | Summary and Q&A

TL;DR

Zach Prince, CEO and founder of BlockFi, discusses his journey in the crypto industry and the services offered by BlockFi, including earning interest on cryptocurrencies, buying and selling cryptocurrencies, getting loans against crypto-assets, and their upcoming Bitcoin rewards credit card.

Key Insights

• 🫠 Zach Prince's background in ad tech and previous experience in the online lending sector played a role in the founding of BlockFi.
• 🧡 BlockFi offers a range of financial services catered specifically to the cryptocurrency market.
• 🐕‍🦺 The company aims to bridge the gap between crypto and traditional financial services.
• 😫 BlockFi's focus on regulatory compliance and engagement with regulators sets them apart in the industry.
• 🐕‍🦺 The future of BlockFi involves expanding into payments, partnerships with traditional banks, and offering more services to institutional clients.
• 👤 The company is prioritizing innovation, user experience, and client service to stay ahead in the evolving crypto industry.
• 💦 BlockFi's success in May 2021, despite Bitcoin's price drop, highlights the resilience of their business model.

Transcript

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Questions & Answers

Q: How did Zach Prince get into the crypto industry?

Zach had a background in ad tech before discovering Bitcoin while writing a blog. He saw the potential of cryptocurrency as a new investable asset and got involved in 2015.

Q: What services does BlockFi offer?

BlockFi offers interest-earning accounts, cryptocurrency trading, crypto-backed loans, and will soon launch a Bitcoin rewards credit card.

Q: How does BlockFi ensure the safety and security of its users' Bitcoin?

BlockFi works with reputable custodians like Fidelity and Gemini, and their risk management measures ensure the security of the assets. They have never lost any funds on their platform.

Q: What are the interest rates on cryptocurrency and stablecoins on BlockFi?

Users can earn 4% on Bitcoin, 4.5% on Ethereum, and 7% on stablecoins.

Summary & Key Takeaways

• Zach Prince grew up in South Texas and had a background in ad tech before entering the crypto industry.

• He got into cryptocurrency investing in 2015 and saw the potential for financial services in the crypto market.

• BlockFi offers a range of services, including interest-earning accounts, cryptocurrency trading, crypto-backed loans, and soon-to-be-launched Bitcoin rewards credit card.