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Written by Drew Cochran on January 9, 2022
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How To Transfer From Gemini To BlockFi 2022

If you've been using Gemini as your main crypto platform, then you're probably already aware of the features BlockFi is offering - up to 8.6% APY on crypto deposits. In addition, BlockFi also offers crypto-backed loans as well as a crypto rewards credit card.

Gemini is renowned for its security features as well as interest accounts, but you may want to dip your toes into the features being offered by BlockFi.

You may also be aware of one of BlockFi's biggest strengths - storing crypto deposits inside of Gemini's secure platform.

Whatever your reason is for switching over, we'll help you figure it out. Here's everything you need to know in order to transfer crypto over from Gemini to BlockFi.

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1. Create A BlockFi Account

If you've already opened up a BlockFi account, skip to step 2!

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In order to open a BlockFi account, you are going to need your social security number, phone number, a valid ID, and a real-time selfie.

BlockFi also requires you be at least 18 years of age before signing up. Additionally, there are certain states where BlockFi is not allowed, such as New York. 

You'll need to make a password, agree with their ToS, and then start verifying your identity. This will involve taking a photo of the front and back of your license.

Finally, once your records have been screened, you'll get an approval email, and receive steps to log in. Most of the time it only takes a few minutes, but it can technically take up to 1-2 business days.

2. Find Your BlockFi Wallet Address

After your account has been set up, it's time to log in and start your deposit.

  1. From either your app or browser, click on the "Deposit" button
  2. Select the cryptocurrency you would like to deposit
  3. Copy your wallet address, or scan your wallet's QR code inside your Gemini app

BlockFi currently supports Bitcoin, Ethereum, Chainlink, Litecoin, USDCoin, PAXG, DAI, Tether, UNI, BAT, a couple others, and may support further coins in the future.

3. Make A Withdrawal From Gemini

gemini logo

Finally, probably the easiest step of the equation: log back in to your Gemini account, and set up the withdrawal.

  1. Go to your "Portfolio" tab
  2. Select the type of cryptocurrency you'd like to withdraw
  3. Select Withdraw, and set the amount of crypto you'd like to send
  4. Paste your BlockFi wallet address, or scan your BlockFi QR code
  5. Review your transaction, and confirm to send!

As long as you're under Gemini's monthly 10 free withdrawal limit, you shouldn't have any fees moving over!

Keep in mind, BlockFi only offers 1 free withdrawal per month on the platform. You will want to be familiar with this before transferring crypto, as this may be a limiting factor for some.

Article written by Drew Cochran

Platform Reviews

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