BlockFi is a cryptocurrency platform that offers members a number of unique perks. After signing up for an account, members can earn interest on their holdings and even borrow against their portfolio.
Funding a BlockFi account is most commonly done through an ACH transfer from your bank.
In this article, we highlight the process to transfer from PayPal to BlockFi, step by step. While you can't transfer your PayPal funds directly or purchase your crypto directly through PayPal, you can follow the steps below to move your PayPal funds to BlockFi.
Transferring your PayPal funds to BlockFi can't be done directly. Instead, you will need to transfer your funds first to your bank and then to BlockFi.
The steps to complete this transfer are as follows:
Let's take a closer look at each of these steps.
BlockFi is a popular platform for cryptocurrency investing. The app grants access to the top cryptos available and lets you earn interest on your holdings. Additionally, you can even borrow against your holdings to avoid selling your assets.
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When opening a BlockFi account, you'll need to have the following:
In order to sign up with BlockFi, you'll have to be 18 years or older. BlockFi's features are not available in all 50 states, including New York and Kentucky.
During signup, you'll have to make a new password, check their terms of service, and go through their ID verification process. This includes taking a photo of the front & back of your driver's license.
When BlockFi verifies your info and approves you, you'll receive an approval email with steps to sign in.
Getting approved usually just takes a few minutes, but it could potentially take up to 1-2 business days.
Now that you have created an account with BlockFi, you are ready to get started. You will need to move your PayPal funds to your bank. Transferring from PayPal to your bank is very simple. Follow the steps below:
This transfer can take between 1 and 3 business days.
If you need to link a bank account to PayPal, you can do so by clicking on the wallet icon in the bottom navigation menu in the app. In the "Banks and cards" section, you will see a + icon. Tap the icon to add a new account. You will simply search for your bank and login to select an account to link.
Linking a bank account is a simple process on BlockFi's website. Follow the steps below:
You can also link to a bank account in the app. The process is similar. After logging into the BlockFi app, you will tap on the "Fund" button in the main dashboard. Select the Bank Transfer ACH method. Finally, tap the manage bank account option to use Plaid to link your bank account.
Now that you have linked a bank account, the transfer is fairly straightforward. Follow the steps below to execute the transfer:
The funds will be instantly ready to trade in the BlockFi app.
Transferring funds from PayPal to BlockFi cannot be done directly. Instead, you will need to transfer to your bank account first and then to BlockFi.
This process only takes a few minutes and can all be done in the app.
If you want to learn more about BlockFi, be sure to check out our complete BlockFi review.