How do I add collateral to my loan?

If you are looking to add collateral to your BlockFi loan, there are three ways for you to do so through your BlockFi Wallet or from an external wallet.

This functionality is available to all retail clients and is designed to make posting collateral faster and easier.

IMPORTANT: If you are posting collateral towards your loan in order to cure a margin call, we strongly recommend utilizing Options 1 or 2 listed below. If you must transfer external funds to your BlockFi Wallet via Option 3, we recommend doing so via wire transfer instead of an ACH transfer. However, both methods may take 3-5 business days to process and settle.

Option 1: Transfer funds from an external wallet directly to your BlockFi Wallet, which can be easily applied as loan collateral. Please note that the functionality of transferring assets from an external source is not currently available within the BlockFi mobile application.

1. Log in to your BlockFi account via your desktop or mobile browser. Press the blue “Add Collateral” button.
2. Select the “External Wallet” option.
3. Transfer funds from the external wallet to your Wallet by using the receiving wallet address provided by BlockFi.
4. Once transferred, navigate to the “Accounts” drop down menu and choose “Loans”.
5. Select the loan you wish to post collateral towards.
6. Press the blue “Add Collateral” button.
7. Select the “BlockFi Account” option.
8. Input the desired transfer amount* from your Wallet.
9. Review the projected LTV change.
10. Finalize your transfer by selecting the “Add Collateral” at the bottom of the interface.

Please note that you can only apply the same collateral asset that your loan is currently collateralized by.

Option 2: Add crypto funds to your BlockFi loan using your existing BlockFi Wallet assets. Please note that some of the functionalities related to this option are not currently available through the BlockFi mobile application, such as posting collateral towards your loans.

1. Log in to your BlockFi dashboard via your desktop or mobile browser.
2. Navigate to the “Accounts” dropdown menu and choose “Loans”'
3. Select the loan you wish to post collateral towards.
4. Press the blue “Add Collateral” button.
5. Select “BlockFi Account” option.
6. Input the desired transfer amount* from your BlockFi Wallet.
7. Review the projected LTV change.
8. Finalize your transfer by selecting the “Add Collateral” at the bottom of the interface.

Please note that you can only apply the same collateral asset that your loan is currently

collateralized by.

Option 3: Transfer USD into your BlockFi Wallet via wire or ACH transfer and convert to cryptocurrency, which can be easily applied as loan collateral.

1. Log in to your BlockFi account via your mobile application or desktop/mobile browser.

2. Transfer USD (will be converted to stablecoins) to your BlockFi Wallet via wire transfer or ACH*. If you do not have the option to fund your account via ACH, please refer to THIS article.

3. Once transferred, trade the recently received funds for the same collateral asset that your loan is collateralized by**. A short video tutorial on how to do this can be found HERE.

4. Once the trade has been executed, navigate to the “Accounts” dropdown menu and choose “Loans”.

5. Select the loan you wish to post collateral towards.

6. Press the blue “Add Collateral” button.

7. Select “BlockFi Account” option.

8. Input the desired transfer amount* from your Wallet.

9. Review the projected LTV change.

10. Finalize your deposit by selecting the “Add Collateral” at the bottom of the interface.

* Please note that any funds transferred to your BlockFi Wallet via Instant ACH are subject to a (5) business day hold and are not eligible to be allocated as loan collateral until the hold is complete. 

** Please note that you can only apply the same collateral asset that your loan is currently collateralized by.