9 Clear Crypto Lending App Differences

Crypto.com and BlockFi are both platforms where people can earn interest on their crypto assets. They are also both platforms where people can borrow against their crypto assets. We now set out to compare the two platforms objectively.

In our Crypto.com vs BlockFi comparison, we shall pay attention to factors like interest rates, supported countries, supported coins, security, customer support, ease of use, loans and fees. We will endeavor to know which of the two platforms is better in each of these regards.

Crypto.com Vs Blockfi


What is Crypto.com?

Crypto.com operates primarily as a cryptocurrencies exchange – but also offers owners of crypto assets the chance to earn interest/borrow against those assets. Founded in June 2016, Crypto.com is based in Singapore.


What is BlockFi?

BlockFi is a platform where owners of crypto assets can earn interest on those assets and/or borrow against the said crypto assets. BlockFi also operates as a crypto exchange as well as a crypto wallet service. Founded in 2017, BlockFi is based in New Jersey, USA.


Crypto.com Vs BlockFi Interest Rates

Many of the people who undertake the Crypto.com vs Blockfi comparison turn out to be individuals who are mainly looking for interest earning opportunities. This being the case, it makes sense to start the comparison by taking a look at the respective interest rates.

At Crypto.com, the interest rate you earn depends on two key factors. Firstly, it depends on the deposit term you opt for. And secondly, it depends on how much of Crypto.com’s native token (CRO) you hold.

To get the maximum rewards at Crypto.com, you need to lock in your crypto assets for at least three months, and buy at least $40,000 worth of CRO.

That is on top of whichever other crypto assets you are investing in. 

Suppose, for instance, you buy some amount’s worth of BTC. Then you also buy $40,000 worth of CRO (Crypto.com’s native token), and you opt for a 3-month term. In that case, you stand to earn as much as 14.5% interest rates.

At Blockfi, the interest rate you earn simply depends on how much crypto you have. 

For instance, if you have between 0 and 0.25 BTC, Blockfi will pay you 4% interest. If you opt for between 0.25 BTC and 5 BTC, you get 1.5% interest. And if you have more than 5 BTC, Blockfi pays you 0.25% interest.

You need to remember that Blockfi interest gets compounded. Crypto.com interest, on the other hand, doesn’t compound. It is simple interest.

Ultimately, if you have to choose Crypto.com or Blockfi on the basis of raw interest rate numbers, then Crypto.com looks better. That is because it pays up to 14.5%. Blockfi interest rates max out at 9.5%.

But remember, to earn the maximum Crypto.com interest, you have to keep significant sums of your money in their native CRO token.


Crypto.com Vs Blockfi Supported Coins

Another important element in the Crypto.com vs Blockfi comparison is that of supported coins.

At Crypto.com, there are over 40 coins that you can earn interest on. Those include BTC, ETH, LTC, USDC, ATOM and UNI, among many others.

At Blockfi, there are only about 6 coins that you can earn interest on. Those are BTC, PAXG, PAX, LTC, LINK and ETH.

Therefore if your only consideration in the Crypto.com vs Blockfi analysis is the number of coins supported, then Crypto.com comes on top.

This fact (that Crypto.com supports more coins) is one that you will keep on encountering in most Crypto.com review articles. On the other hand, some Blockfi review articles seem to downplay the fact that it supports fewer coins.

But the fact that Crypto.com supports more coins is indeed quite a big deal. It translates into an opportunity to earn interest even on coins that would be very hard to earn interest on elsewhere.

Crypto.com’s support for more coins puts it ahead of even other highly regarded platforms like Celsius. This is why even in a Crypto.com vs Blockfi vs Celsius comparison [on the basis of supported coins], Crypto.com would still probably come at the top.

Taking it further, even in a Crypto.com vs Blockfi vs Nexo contest (with regard to supported coins), the outcome would probably still be the same: with Crypto.com at the top.

Worth mentioning is the fact that Crypto.com has its own native coin (CRO). Blockfi, on the other hand, doesn’t have a native token.

This has implications: because Crypto.com users who opt to retain significant CRO token holdings end up earning much higher interest. And they pay less interest on Crypto.com loans.


Crypto.com Vs Blockfi Supported Countries

With regard to supported countries, Crypto.com and Blockfi seem to be on equal footing.

Most of the countries where you can use Crypto.com also turn out to be countries where you can use Blockfi. And most of the countries where you can’t use Crypto.com turn out to be countries where you can’t use Blockfi.

Worth mentioning is the fact that both Crypto.com and Blockfi are available to US residents.

Therefore in this aspect of the Blockfi vs Crypto.com comparison, there doesn’t seem to be a clear winner.

But if you sink further, into aspects like those of the Crypto.com vs Blockfi credit card supported countries, differences may start to arise.

Similar differences arise in the Blockfi vs Crypto.com comparison with regard to countries where you can take crypto loans, on the respective platforms.


Crypto.com Vs Blockfi Security

Many of the people who undertake the Crypto.com vs Blockfi comparison will show huge interest in learning about the respective platform’s security.

Firstly, it is important to point out that by virtue of their operational scales, and the time they have been around, both Crypto.com and Blockfi are legit platforms.

Crypto.com became the first crypto company to earn the ISO/IEC 27701:2019 certification. This was for informational security, among other things. And this says something about Crypto.com’s standards.

Crypto.com apparently keeps 100% of the funds in cold storage. For Blockfi that is 95%. So in this sub-aspect of Blockfi vs Crypto.com comparison, Blockfi wins.

The custodian for Crypto.com seems to be Ledger, while for Blockfi, the custodian seems to be Gemini. Both are highly reputable.

Crypto.com (founded in 2016) is older than Blockfi that was founded in 2017. So it has a better track record. But that is only by a year.

With regard to things like 2FA and encryption, both Crypto.com and Blockfi seem to be on equal footing.

In the final analysis, by virtue of its ISO certification for information security, its longer track record and the fact that it keeps 100% funds in cold storage, Crypto.com wins in this aspect.

Crypto.com Vs Blockfi
Crypto.com Vs Blockfi


Crypto.com Vs Blockfi Customer Support

At Crypto.com, you can get customer support via email. There is also an online help center, through which you can find answers to most of the common questions.

At Blockfi, you get to choose between real-time/live phone support, email support, chat, social media support and an online help center.

While Blockfi is a local (US) company, Crypto.com is an international company. The fact that Blockfi is a local company may give it a bit of an edge, when it comes to customer support.

In the final analysis, our Blockfi vs Crypto.com comparison with regard to customer support reveals that Blockfi is somewhat better.

Indeed, if you go through most Crypto.com vs Blockfi Reddit threads, you notice a trend. This is a trend where most people seem to be of the view that Blockfi’s customer support is somewhat better.

Even the Blockfi Reddit community seems to be somewhat more vibrant than the Crypto.com Reddit community.


Crypto.com Vs Blockfi Ease Of Use

The Blockfi.com user interface is, for most people, somewhat friendlier than the Crypto.com user interface.

Suppose you want to figure out how to withdraw funds from your account. Chances are that you will find it easier to do so in Blockfi than in Crypto.com…

The same scheme is also evident in the Crypto.com app vs Blockfi app comparison. You notice that the Blockfi app seems to be somewhat user-friendlier than the Crypto.com app.

To put it differently, the Blockfi wallet seems to be one that is easier to use than the Crypto.com wallet.

Then there is the KYC question. On the whole, the Blockfi KYC (Know Your Customer) process seems to move faster than the Crypto.com KYC process.

This means that you can get started with Blockfi somewhat faster than you can get started with Crypto.com.

All in all, Blockfi gives the impression of being (a bit) more user-friendly than Crypto.com.

Even with regard to the interest earning schemes, the one at Blockfi seems to be simpler than at Crypto.com.

At Blockfi, the amount of crypto you hold is the determinant of the interest you earn. But at Crypto.com, things like the term you hold your crypto assets on, and whether you invest in the native CRO token come into play.


Crypto.com Vs Blockfi Loans

In applying for a loan at Crypto.com, you don’t need to undergo a credit check. The collateral you provide (in terms of your crypto assets) is so high that a credit check would be superfluous. The Loan-To-Value ratio at Crypto.com is at 50%.

At Blockfi, the Loan-To-Value ration is also at 50%. Further, they don’t do hard or soft pulls for credit scores.

At Blockfi, you find that there is a minimum lending amount (around $100). This seems to be generally higher than the minimum lending amount at Crypto.com ($10,000).

Further, Crypto.com seems to charge somewhat lower interest rates on loans than Blockfi. You can get even better loan interest rates at Crypto.com if you happen to hold their native CRO coin.

In the final analysis, because of lower minimum lending amounts and somewhat lower interest rates, Crypto.com wins over Blockfi.

Incidentally, the Crypto.com card terms seem to be a bit better than the Blockfi credit card terms.


Crypto.com Vs Blockfi Fees

At Crypto.com, you get to pay withdrawal fees that are generally lower than those charged by Blockfi. But you have to remember that Blockfi offers some free withdrawal deals. 

So at Blockfi, you only get to pay the (marginally higher) withdrawal fees after exhausting your free withdrawals.

For instance, for BTC withdrawal, the Crypto.com withdrawal fees stand at 0.0004 BTC. At Blockfi, the withdrawal fee (for BTC withdrawal) is 0.00075 BTC.

But then again, Blockfi offers you one free withdrawal. So it is only after the free withdrawal that this fee comes into play – for the subsequent withdrawals.

For ETH withdrawal, Crypto.com charges a withdrawal fee of 0.015 ETH. At Blockfi, the same may cost you 0.005 ETH.

For LINK withdrawal, Crypto.com charges a withdrawal fee of 1.08 LINK. At Blockfi, the same will cost you 2 LINK (after the free withdrawal limit).

Therefore with respect to fees – like, for instance, withdrawal fees – it is clear that Crypto.com seems to offer a better deal.

Crypto.com Vs Blockfi
Crypto.com Vs Blockfi


Final Verdict – Crypto.com Vs Blockfi

Both Crypto.com and Blockfi clearly have their strengths and weaknesses.

Crypto.com may be better for you if you want to earn a higher APY (and especially if you are willing to buy their native CRO token). Crypto.com may also be better if you want to pay lower withdrawal fees, or if you want a platform that supports more coins.

On the other hand, Blockfi may be better if you want a platform that offers compounded interest, one that gives free withdrawal deals and one that is generally more user friendly.