We’re excited to announce that BlockFi will now be supporting the Basic Attention Token (BAT), a token used as a unit of account between advertisers, publishers, and users in a new, blockchain-based digital advertising and services platform.
BlockFi clients will be able to earn crypto interest on BAT held in a BlockFi Interest Account (BIA) at an introductory rate of up to 3.65% APY through July 31, 2021.* The rate may be updated in August based on market conditions. Clients will also be able to trade BAT for other cryptoassets supported on our platform.
Initially launched in March 2017, BAT was developed by the Brave browser project to tap into the earning potential of digital advertising through crypto tokens. People who use the Brave browser are directly rewarded with BAT when they watch or listen to online ads.
BAT is an ERC20 token built on the Ethereum network, and its ledger system is designed to improve user engagement with advertisements through anonymously collected data. In essence, BAT seeks to improve the efficiency of distributing advertising money between advertisers, publishers, and readers of online marketing content and ads.
Tokens can be used to reward online publishers for their ad space, advertisers can compensate publishers in BAT based on their website’s level of user engagement, and the actual browser users can have their time and attention rewarded with BAT tokens. On the consumer level, BAT could potentially be exchanged for various purchases, including premium content such as films or music.
BAT’s success is tied to growth within the digital advertising space. As the industry looks for new ways to better target consumers through tailored ads, while also preserving user privacy on secure browsers, adoption of this token could increase.
The total supply of BAT is capped at 1.5 billion tokens, with 500 million BAT held in reserve for user growth and platform development.
The addition of BAT furthers BlockFi’s mission to deliver a wider range of services and support for our clients while providing a path to financial empowerment on a global scale.
If you have any questions about supported cryptoassets at BlockFi, please submit a support ticket HERE
Nothing contained in this announcement should be construed as a solicitation of an offer to buy or offer, or recommendation, to acquire or dispose of any security, commodity, investment or to engage in any other transaction. The information provided in this announcement is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. This announcement is not directed to any person in any jurisdiction where the publication or availability of the announcement is prohibited, by reason of that person’s citizenship, residence or otherwise.
Neither BlockFi nor any of its affiliates or representatives provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.
Trading qualifications are dependent upon geographic and regulatory restrictions.
Rates for BlockFi products are subject to change. Digital currency is not legal tender, is not backed by the government, and crypto interest accounts are not subject to FDIC or SIPC protections. For more information, please see BlockFi’s Terms of Service.