Both BlockFi and Voyager are platforms for cryptocurrency management that allow users to trade and gain interest in crypto assets. Both of the platforms are competing for the neck to neck in this field with their different benefits and services. Although the aim of both the platforms is the same, there are quite a few differences in the way they work and provide management services to their users, which places them apart.
BlockFi vs Voyager
The main difference between BlockFi and Voyager is that BlockFi is a privately owned company that does not publish reports and it relies on Gemini, whereas Voyager is a publically owned company that trades under Voyager Digital Ltd (VYGVF). These platforms are different in many other aspects considering the different parameters of working strategies.
BlockFi is a crypto management platform that enables its users to buy, sell or exchange their cryptocurrencies. The main three product offerings on BlockFi are BlockFi interest account, trading account, and crypto-backed loans. It does not charge any fee and provides completely commission-free trading services to all its users.
Voyager is another cryptocurrency investment, a free mobile app that is available for both IOS and android. It allows the users to trade cryptocurrencies and earn profit with no lockups or limits. It supports more than 50 digital currencies, and it plans to further add more currencies in the future.
Comparison Table Between BlockFi and Voyager
| Parameters of comparison | BlockFi | Voyager |
| Benefits | BlockFiprovides crypto-backed loans. | Voyager does not provide crypto-backed loans. |
| Yields | It offers yields on PAXG. | It does not support PAXG. |
| Signup bonus | It provides $20 in bitcoin. | It provides $25 in bitcoin. |
| Customer support | It offers its users several platforms to reach customer support. | It only offers email and in app texting to reach the customer support. |
| Ownership | It is a private company. | It is a publicly owned company. |
What is BlockFi?
BlockFi is a digital currency management platform that offers the trade of cryptocurrencies to all its users. It helps the users gain a profit interest of up to 8.6% annually. The platform contains three main product offerings, which are the BlockFi interest account, trading account, and crypto-backed loans. BlockFi interest account helps the users to grow their cryptocurrency holdings.
All the users have to do is deposit their crypto in their BlockFi interest account. The interest rate for Stablecoins assets is up to 8.60% on USD Coin, Tether (USDT), and Gemini Dollar (GUSD). For Bitcoin, it is of 5% on up to 0.5 BTC, 2% on the amount over 0.5 BTC and up to 20 BTC, 0.5% on 20 BTC and above. Lastly, for Ethereum, it is 4.5% on up to 15 Ether, 2% on up to 1000 ETH, and 0.5% above it.
The trading account allows its users to trade their crypto assets within the BlockFi platform. The third and the last is crypto-backed loans which provide the service of borrowing USD in the bank account using crypto as collateral. Up to 50% of the crypto the user holds is allowed to borrow.
On BlockFi, no fee is charged on any activity, and it provides commission-free trading to its users. This platform strictly follows U.S rules and regulations. Even though it is a privately owned company, it works in ties with good reputed financial institutions.
What is Voyager?
Voyager is also a digital currency management mobile application that enables its users to trade crypto and earn profits. It allows the users to earn interest in the crypto in its app. It is very simple to use and smoothens the process. The Voyager app has a feature that helps the users to attain some information about the crypto market before the user lands into any investments or trading process.
The sign-up process on the app is very simple, and the user can start trading just in a few minutes, and they also receive an amount of $25 in bitcoins as a bonus. Voyager supports a vast range of coins and tokens. It does not charge any commission or fee for any trade activity. Voyager provides premium transparency as it uses a 2-factor authentication (2-FA) system. This makes the account safe and completely secure from any discrepancy so that no one other than the user can ever have access to their accounts. It focuses on the user’s protection from fraud and hackers.
Secure funds remain the top priority for any crypto investor, and therefore, Voyager stands at the frontline in this field. Users always have their cryptocurrencies at their fingertips on the app.
Main Differences Between BlockFi and Voyager
- BlockFi allows the users to receive USD to their bank account using crypto assets as collateral, and the user is allowed to borrow up to 50% of the crypto, whereas Voyager does not provide the facility of crypto-backed loans to its users.
- In addition to the general services, BlockFi also provides 5% yields on gold-backed stablecoins, also known as PAXG, whereas currently, Voyager neither supports PAGX nor provides any yields on it.
- The signup bonus on Blockfi is a bit lower than the signup bonus on Voyager. The signup bonus on BlockFi is $20, whereas the signup bonus on Voyager is slightly higher, which is $25 in Bitcoins.
- BlockFi offers numerous different channels to its users who seek customer support for any of their problems like help center, phone call, ticket submission, email, and others, whereas the customer support mediums provided by Voyager are limited to emails and in-app messaging.
- BlockFi is a privately owned company, whereas Voyager is a publicly owned company.
Conclusion
The cryptocurrency industry is rapidly growing and attracting a huge population to invest in digital currency. As the crypto market gains spotlight, all the platforms are competing for the neck to neck in achieving the goals of reliable accounts and thus, are trying to provide different services. Both BlockFi and Voyager are undoubtedly offering the best services to their users.
Voyager pays monthly interest, and it gets deposited directly into the user’s account, whereas BlockFi pays compound interest on any crypto in the account. Considering all the factors, it all depends on the user’s requirements and goal on whose basis different platforms are useful for different individuals.
References
- https://academic.oup.com/rfs/article-abstract/34/6/2689/5912024
- https://jai.pm-research.com/content/20/3/16/tab-pdf-trialist
- https://ieeexplore.ieee.org/abstract/document/7906988/