Blockfi allows you to earn interest on a variety of cryptocurrencies.
One of them is USDC, and you may be wondering how you can send this cryptocurrency to Blockfi.
Here’s what you need to know.
Can I send USDC to Blockfi?
You are able to send USDC to Blockfi via the ERC20 network. Blockfi does not accept USDC deposits via other networks (e.g. SOL or BEP20), so you may lose the USDC that you’ve sent through those methods.
How to send USDC to Blockfi
Here are 5 steps to send USDC to Blockfi:
- Select a platform that enables USDC withdrawals via the ERC20 network
- Select USDC as the asset to deposit
- Obtain the USDC deposit address of your cryptocurrency from BlockFi
- Withdraw from the platform of your choice using the ERC20 network
- Receive USDC on Blockfi
And here is each step explained in-depth:
Select a platform that enables USDC withdrawals via the ERC20 network
Since you are only able to send USDC via the ERC20 network, you will need to buy USDC on an exchange that supports such withdrawals.
Here are 5 exchanges for your consideration:
In terms of USDC ERC20 withdrawals, it seems that AAX has the lowest fees when you want to make a withdrawal.
Select USDC as the asset to deposit
After selecting the platform that you wish to purchase USDC from, the next step will be to obtain the USDC deposit address on Blockfi.
First, you will need to go to ‘Fund’ on Blockfi,
select ‘Crypto Transfer‘,
and then select USDC.
Obtain the USDC deposit address of your cryptocurrency from BlockFi
After selecting the currency, you will see the USDC 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 USDC 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 USDC using the Binance Smart Chain (BEP20), Solana or Polygon networks.
It is important that you withdraw USDC using the ERC20 network, and not other networks like SOL, BEP20 or TRC20. Blockfi does not support other networks, and you may lose the USDC that you sent over!
Receive USDC on Blockfi
After confirming the withdrawal on the platform of your choice, you will receive USDC 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!
Blockchain.com Tutorial: How to Sel...Blockchain.com Tutorial: How to Sell Bitcoin & Withdraw from BlockchainConclusion
When you are sending USDC to Blockfi, it is important that you only do so via the ERC20 network.
This is similar to how you would send BUSD to Blockfi.
If you choose to send USDC via other networks (e.g. Solana or BEP20), there may be a chance that your USDC may be lost forever!
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