Crypto Invest

5 Steps To Send USDC To Blockfi

Send USDC To BlockFi
This article contains affiliate links. You can read more about these links in my Editorial Guidelines.

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:

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

PlatformUSDC
Withdrawal Fee
Binance25 USDC
Crypto.com25 USDC
AAX5.86 USDC
Kucoin30 USDC
FTXDynamic

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,

Blockfi Select Fund

select ‘Crypto Transfer‘,

Blockfi Select Crypto Transfer

and then select USDC.

Blockfi Select Currencies

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.

Blockfi USDC Deposit 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 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.

Binance Withdraw USDC 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!

Conclusion

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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If you are interested in signing up for any of the products mentioned above, you can check them out below!

BlockFi Referral (Earn $10 USD in BTC)

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

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BlockFi Referral

Here’s what you need to do:

  1. Sign up for a BlockFi account
  2. Deposit $100 USD or more into your BlockFi account
  3. Hold the balance until the next interest paying day (1st business day of each month)
  4. Receive the $10 USD worth of BTC in your BlockFi account

FTX Referral (5% trading fee discount)

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

You will receive a 5% trading fee discount for any trades that you make.

FTX Referral Trading Fee Discount

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TaskCRO Reward
Stake enough CRO to unlock a Ruby
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Spend a minimum of USD 100
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in the Crypto.com App within
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You will need to stake enough CRO (in the equivalent amount in your home currency) to unlock a Ruby Steel card or higher.

You can read more about the referral program on Crypto.com’s website, and the additional referral bonuses here.

Binance Referral (Receive 5% off your trading fees)

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!

AAX Referral (Receive up to $50 USDT worth of rewards)

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:

  1. Sign up for an AAX account
  2. Complete level 1 KYC on the platform
  3. Generate 10,000 USDT in trading volume on the spot or futures markets + deposit 500 USDT via P2P, Quick Buy and Sell, cash deposit or crypto deposit

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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