Blockfi allows you to earn interest in a variety of cryptocurrencies.
One of them is BUSD, and you may be wondering how you can send this cryptocurrency to Blockfi.
Here’s what you need to know.
Can I send BUSD to Blockfi?
You are able to send BUSD to Blockfi via the ERC20 network. Blockfi does not accept BUSD deposits via other networks (e.g. BEP20), so you may lose the BUSD that you’ve sent through those networks.
How to send BUSD to Blockfi
Here are 5 steps to send BUSD to Blockfi:
- Select a platform that enables BUSD withdrawals via the ERC20 network
- Select BUSD as the asset to deposit
- Obtain the BUSD deposit address of your cryptocurrency from BlockFi
- Withdraw from the platform of your choice using the ERC20 network
- Receive BUSD on Blockfi
And here is each step explained in-depth:
Select a platform that enables BUSD withdrawals via the ERC20 network
Since you are only able to send BUSD via the ERC20 network, you will need to buy BUSD on an exchange that supports such withdrawals.
Here are 5 exchanges for your consideration:
In terms of BUSD ERC20 withdrawals, it seems that AAX has the lowest fees when you want to make a withdrawal.
Select BUSD as the asset to deposit
After selecting the platform that you wish to purchase BUSD from, the next step will be to obtain the BUSD deposit address on Blockfi.
First, you will need to go to ‘Fund‘ on Blockfi,
select ‘Crypto Transfer‘,
and then select BUSD.
Obtain the BUSD deposit address of your cryptocurrency from BlockFi
After selecting the currency, you will see the BUSD address that you’ll need to deposit your crypto to.
This is an ERC20 network address, and you should only use a platform that supports such withdrawals.
You can use 2 methods to obtain the wallet address:
- Copy your Wallet Address to your clipboard
- Scan the QR code
If you are copying the wallet address, it may be best for you to double check the address before sending it!
If you are finding it hard to remember all of these long deposit addresses, you may want to consider simplifying them using Unstoppable Domains.
This allows you to send crypto to a .crypto or .wallet address, which makes it much easier to transfer cryptocurrencies between platforms!
Withdraw from the platform of your choice using the ERC20 network
The next step you’ll need to do would be to withdraw BUSD from the platform that you’ve chosen to Blockfi using the ERC20 network.
There may be some platforms like Binance which allow you to withdraw BUSD using the Binance Smart Chain (BEP20).
It is important that you withdraw BUSD using the ERC20 network, and not other networks like BEP20. Blockfi does not support other networks, and you may lose the BUSD that you sent over!
Receive BUSD on Blockfi
After confirming the withdrawal on the platform of your choice, you will receive BUSD on Blockfi. This may take a while, as the ERC20 network is usually rather congested.
You are able to start earning interest on your funds, or even take a crypto-backed loan as well!
When you are sending BUSD to Blockfi, it is important that you only do so via the ERC20 network.
This is similar to how you would send USDC to Blockfi.
If you choose to send BUSD via other networks (e.g. BEP20), there may be a chance that your BUSD may be lost forever!
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