Litecoin Foundation recently announced its partnership with BlockFi, a cryptocurrency lending startup, intending to promote the use of BlockFi’s “suite of products” to provide Litecoin users with more options like earning interest on and borrowing against their Litecoin used within their platform.
This partnership, as Litecoin Foundation noted, would produce additional options and liquidity opportunities. Firstly, the ability to receive a USD loan using Litecoin as collateral and secondly, a chance to earn interest in Litecoin held in an account on the BlokcFi platform.
David Schwartz, Litecoin Foundation’s Project Director, stated that the partnership was a “valuable addition to the strategy of diversification of Litecoin”.
He further stated,
“By partnering with BlockFi, the Litecoin Foundation recognizes its positive contributions and the suite of products they provide customers. BlockFi provides our community, one of the most active in crypto, with even more quality choices of where to place their digital assets.”
The crypto lender also noted in their official announcement that partnering with Litecoin Foundation was a ” natural step to ensure that the most value is being delivered to clients using Litecoin”.
BlockFi’s CEO and Founder, Zac Prince, noted that the addition of Litecoin was a ‘win-win’ for both sides.
“We’re excited to support Litecoin across BlockFi’s platform and welcome the Litecoin community to use our unique suite of products across earning interest, trading and collateralized loans – at the best rates in the market from a trusted service provider.”