Bitcompare/BlockFi vs Crypto.com/

BlockFi vs Crypto.com

BlockFi and Crypto.com seem like different beasts on the surface. They're increasingly competing with each other, so we've taken a closer look to see which comes out on top.

On the surface, Crypto.com and BlockFi don't seem like fierce rivals. However, now that crypto.com have entered the lending and borrowing space, they have directly competing products. Rumour has it that BlockFi are looking to offer a crypto credit card in the future which will make them even closer rivals.

While their product offerings creep closer together, they feel like very different companies and products. One is based and regulated in New York with top-tier investors, the other is Asia-based and don't have any investors, partners or advisors of note.

Crypto.com offer many more features than just loans and savings accounts. They offer debit cards with cash back rewards, an exchange and a wallet that supports more than 45 currencies.

While this could be perceived as a good thing, we break down both products to see which could be best for you.

Important to note

  • BlockFi offers third party custody & insurance
  • BlockFi offers compounding interest rates
  • Crypto.com is slightly bloated and confusing

What is it?

BlockFi were one of the first to introduce crypto savings accounts and loans. They found instant success with a good product that offered very competitive interest rates.
Crypto.com is a very full-featured app and exchange that offers savings accounts, loans and debit cards.

Core features

  • Insured, third-party custody from Gemini Custody
  • Easy to use website
  • Near instant decisions on loans
  • No credit checks
  • Very competitive interest rates on loans
  • Savings accounts and loans on Bitcoin, Ethereum, Litecoin and GUSD
  • Up to 5% cash back rewards with their debit card
  • Earn interest on a large range of currencies
  • Up to 18% interest when staking CRO tokens

Pros

  • No minimum amount on savings accounts
  • Insured wallets by AON and stored by Gemini which is regulated in New York, US
  • Created by experienced, reputable team with great backers
  • No need to stake native tokens in order to receive higher interest rates
  • Buy 45+ Coins
  • Up to 5% back on all spending
  • Competitive interest rates

Cons

  • No app and very basic website
  • It can take up to 7 days to withdraw assets
  • Monthly compounding instead of daily or weekly
  • Withdrawal fees of 0.0025BTC
  • No apps
  • App only. No website functionality.
  • Requires native tokens to take advantage of better interest rates and features
  • Lack of third-party custody and insurance
  • Overly complicated features and offerings

What is unique about it?

BlockFi were one of the first to introduce crypto savings accounts and loans. They found instant success with a good product that offered very competitive interest rates.
Crypto.com are arguably the closest thing to a crypto-based bank. They offer a large range of products and services that resemble those of a bank, only for the crypto industry.

How safe is it?

BlockFi offers security measures like two-factor authentication on their site. In addition to this, all their wallets are provided by Gemini Custody which is regulated in the US and provides insurance on all wallets.
Crypto.com don't offer third party custody or insurance. For this reason, we don't believe it's as secure as other offerings like BlockFi or Celsius Network.

Find out more?

BlockFi vs Crypto.com: The verdict

BlockFi and Crypto.com are quite different. One is solely focused on savings accounts and loans. The other provides that and much more, including an exchange, a debit card and the ability to purchase 45+ currencies.

While on the surface it may seem like more is more, in this case, less is more with BlockFi. It's a much simpler product in terms of usability and commercial terms. If you're willing to purchase and stake Crypto.com's native token, it could be a good option to earn extra interest, however, it's at a much higher risk.

If you're looking for a loan or a crypto savings account, we recommend BlockFi. If you're looking for a debit card or other additional services, Crypto.com could be a good option.

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