Crypto Invest

5 Steps To Send BUSD To Blockfi

Send BUSD To Blockfi
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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:

  1. Select a platform that enables BUSD withdrawals via the ERC20 network
  2. Select BUSD as the asset to deposit
  3. Obtain the BUSD deposit address of your cryptocurrency from BlockFi
  4. Withdraw from the platform of your choice using the ERC20 network
  5. 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:

PlatformBUSD
Withdrawal Fee
Binance25 BUSD
Crypto.com100 BUSD
AAX18 BUSD
Gate.io26 BUSD
FTXDynamic

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,

Blockfi Select Fund

select ‘Crypto Transfer‘,

Blockfi Select Crypto Transfer

and then select BUSD.

Blockfi Select Currencies

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.

Blockfi BUSD Address

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:

  1. Copy your Wallet Address to your clipboard
  2. 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).

Binance BUSD Withdrawals

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!

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Conclusion

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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BlockFi Referral (Earn $10 USD in BTC)

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BlockFi Referral

Here’s what you need to do:

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If you are interested in signing up for an FTX account, you can use my referral link.

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FTX Referral Trading Fee Discount

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Here’s what you’ll need to do:

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The amount of CRO that you need to stake depends on the card you wish to get, and the currency you are staking in.

You can read more about the referral program on Crypto.com’s website.

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If you are interested in signing up for a Binance account, you can use my referral link.

You will be able to receive 5% off all of your trading fees on Binance!

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If you are interested in signing up for an AAX account, you can use my referral link.

Here’s what you need to do to receive this reward:

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Once you have completed the criteria above, you will be able to receive 50 USDT in rewards.

You can view more about this promotion on AAX’s website.


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