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Introduction
Measuring the success of BlockFi's crypto lending service requires a comprehensive approach that considers multiple stakeholders and the unique aspects of the cryptocurrency market. To effectively evaluate this product, I'll follow a structured framework covering core metrics, supporting indicators, and risk factors while considering all key stakeholders.
Framework Overview
I'll follow a simple success metrics framework covering product context, success metrics hierarchy, and strategic initiatives.
Step 1
Product Context
BlockFi's crypto lending service allows users to borrow fiat currency using their cryptocurrency as collateral. This product serves two primary user groups: crypto holders seeking liquidity without selling their assets, and those looking to leverage their crypto holdings.
Key stakeholders include:
- Borrowers (crypto holders)
- BlockFi (the company)
- Regulators
- Investors/partners
The user flow typically involves:
- Account creation and KYC verification
- Depositing crypto collateral
- Loan application and approval
- Receiving fiat funds
- Repayment of loan with interest
This service fits into BlockFi's broader strategy of providing a suite of crypto-financial products, positioning them as a full-service crypto bank. Competitors like Celsius and Nexo offer similar services, but BlockFi differentiates through its regulatory compliance and institutional backing.
Product Lifecycle Stage: Growth - The crypto lending market is still expanding, with increasing adoption and evolving regulatory frameworks.
Software-specific context:
- Platform: Web and mobile apps
- Integration points: Cryptocurrency exchanges, banking systems
- Deployment model: Cloud-based with regular updates
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