BlockFi

BlockFi is a digital asset platform designed to help users manage their cryptocurrency holdings effectively. It offers a range of services, including interest accounts, crypto-backed loans, and trading services. Users can earn interest on their cryptocurrency holdings through BlockFi's interest accounts, which provide monthly payouts. Additionally, the platform allows users to borrow cash using their cryptocurrencies as collateral, enabling them to access liquidity without selling their assets.

BlockFi also provides a trading platform for buying, selling, and trading various cryptocurrencies. Furthermore, it offers a crypto rewards credit card, allowing users to earn cryptocurrencies as rewards for their purchases. The platform caters to both individual and institutional investors, offering tailored services for larger clients. While BlockFi is a centralized platform, it provides user-friendly services that are accessible to those familiar with traditional finance systems. However, it ceased operations on November 10, 2022.

In terms of tax management, users can utilize third-party tools to import their BlockFi transaction data and manage their crypto taxes efficiently. This involves classifying transactions and determining tax liabilities based on fair-market valuations, which can simplify the process of calculating cryptocurrency taxes. Overall, BlockFi's services were designed to integrate cryptocurrency management into a more traditional financial framework, making it easier for users to engage with digital assets.