BlockFi backs Litecoin[LTC] as collateral and GUSD as loan funding option

BlockFi, the leading crypto-to-USD lender, which creates lending and debt products for cryptoasset owners will now support Litecoin (LTC) as collateral and Gemini's GUSD stablecoin as a loan funding option, according to company's Medium blog post. This marks the company’s first expansion of accepted collateral into top 10 cryptocurrencies. This announcement coincides with the newly announced Litecoin support from Gemini. Gemini is a New York trust company licensed by the New York State Department of Financial Services. Speaking about this latest development, Zac Prince, CEO and co-founder of BlockFi said, “We're excited to add support for GUSD and LTC and to welcome the Litecoin community to our platform. BlockFi is already the lowest-cost crypto-backed lender in the U.S. and we're planning to expand our services to more collateral types and geographies in the short term." This latest development of supporting GUSD as a loan funding option enables BlockFi to fund loans 24/7, rather than just during U.S. banking hours. Gemini announced Gemini dollar [GUSD] in September that resembles ERC-20 token on the blockchain platform of Ethereum and GUSD can be acquired by the users of Gemini exchange by the USD deposits on exchange accounts and then carrying out conversion to tokens. These tokens can be withdrawn to the Ethereum address. Likewise, GUSD can be exchanged by the users from the accounts of the Gemini for physical dollars. BlockFi plans to support a number of other cryptocurrencies in the near future. This planned expansion will including stablecoins, which is one of the key ingredients in supporting borrowers in emerging markets. BlockFi was founded on the idea of providing global liquidity, with the specific goal of helping the growth of the crypto industry. This first expansion of supported collateral types seems to be a big step towards fulfilling that goal. "This announcement is a big step towards BlockFi's global expansion, which has been a part of our vision since the company's founding," said Flori Marquez, BlockFi co-founder and VP of operations. In July 2018, the company raised $52.5 million from Galaxy Digital Ventures LLC, a digital currency and blockchain technology investment firm founded by Mike Novogratz. This marked the industry's first institutional investment in cryptoasset-backed loans. See Also: Winklevoss owned Gemini to start trading of Litecoin soon A Tether rival & U.S. dollar pegged cryptocurrency gets launched at Gemini Image via Google Join our Telegram group