BlockFi was founded in 2017 and is a cryptocurrency platform that offers members a number of unique perks. One of the top benefits members love is that they 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 Venmo to BlockFi, step by step. Unfortunately, you cannot transfer your Venmo funds directly. Instead, you will need to move your funds first to a bank account and then to BlockFi. Let's dive right in and cover the steps!
Because you are unable to transfer from Venmo to BlockFi directly, you will need to first transfer to a bank. Once the funds settle, you can then move them to BlockFi to purchase cryptocurrencies.
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.
Transferring from Venmo to your bank is very simple. Follow the steps below:
If you need to link a bank account to Venmo, you can do so by clicking on the "Add a bank" selection after tapping on the bank in the "Transfer to" space.
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.
Perhaps in the future investing platforms will support direct transfers from platforms like Venmo and PayPal. However, for now, you will need to transfer first to your bank and then to BlockFi.
While the process is fairly simple, it does require waiting for the funds to settle in your bank account.
If you want to learn more about BlockFi, be sure to check out our complete BlockFi review.