Lendingblock review: is it worth it?

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I’ve heard about Lendingblock about 6 weeks ago from Reddit, when someone told me they have a $50 sign-up bonus. You only need to deposit around $30 to receive it so I said I’d give it a shot. Who doesn’t like a good sign-up bonus, right? Well, I’ve been using it for more than a month and here are my thoughts:

What is Lendingblock?

It’s a platform where you can earn interest on your crypto by lending it, very similar to Nexo, Blockfi or Celsius. There are 4 main features:

Earn

“Earn” is where you can create a fixed term in which you lend out your crypto and receive passive income on it. Currently, there are only 3 options: Bitcoin, Ethereum and Tether. These are the rates for BTC:

Here are the ones for ETH:

And finally USDT:

Overall, the rates are competitive. The problem, however, is that all three of these have relatively high gas fees, so you will lose a decent portion of your money by sending them to your Lendingblock wallet. However, if you use an exchange like Gemini, you get a couple of free withdrawals per month. Coinbase also has great fees for Bitcoin and has been my go-to in the last months.

Borrow

Here you can borrow USDT against your BTC or ETH at pretty competitive rates:

Rates are the same for both coins

Rewards

You get better rates based on how much LND tokens you hold. LND is the native Landingblock token and can be purchased from the exchange tab. However, liquidity is really low and you’re most likely going to get a bad price, so I…