Blockfi logo
Navigation Bars
BlockFi Monthly Update - April 23, 2019
BlockFi News

BlockFi Monthly Update - April 23, 2019

Published, 23 April, 2019

Share article
Twitter Share LinkFaceBook Share LinkLinkedIn Share LinkTelegram Share Link
BlockFi Monthly Update - April 23, 2019
BlockFi was founded on the belief that crypto investors should have access to the same products and services available in the traditional financial markets. The BlockFi platform has grown rapidly in the past two years thanks to the support of clients from over 50 countries. As of this month, over $53 million in client crypto is stored with BlockFi in its Gemini custodial account and is earning interest every day.
 
190422_BlockFi_Blog_Graphics-02
Last month we launched the BlockFi Interest Account (BIA), a product that reflects our belief that crypto is the ultimate financial equalizer. Our goal is to help our clients store their assets in the crypto ecosystem for the long term by offering them better interest rates than the largest banks in the world. Right now, the best online savings accounts offer 2.25% APY, which is dwarfed by the 6.2% APY BlockFi provides to crypto investors.*
On May 1, 2019, we will be making the following updates to our interest account:
  • We are retroactively dropping the minimum required BTC balance to earn interest to 0.5 BTC.
    After launching BIA, a lot of users reached out to our team asking that we drop our minimum eligible balance to earn interest. We’re excited to let our community know that BTC balances of 0.5 BTC and up will now begin earning interest on their deposits. And as an added bonus, we’re applying this retroactively as of April 1st. That means if your BIA BTC balance was between 0.5 and 1 BTC in April, you’re eligible to receive  interest at the end of April. We expect to lower our minimum balance further in the near term.
  • ETH deposits up to 250 ETH will earn 6.2% APY.
    BlockFi’s ability to pay interest to our clients is based on crypto market lending conditions. As we’ve touched on previously, we exclusively work with institutional counterparties to generate this yield. Over the past month, demand for borrowing ETH has dropped, and as a result, ETH tier rates will be adjusted in tandem.
  • Now serving India.
    We saw a huge amount of demand from India over the last month and we’re excited to welcome their crypto community to our platform. We currently serve clients in 65 countries and we’ll continue to add more.
We’re able to provide the interest account product because we’ve created a marketplace for institutional borrowers. Our portfolio management system, built by our Chief Risk Officer Rene van Kesteren, monitors and manages all of these deals 24/7. Previously, Rene managed structured lending for Bank of America for 15 years prior to joining BlockFi. We leverage our relationships with our institutional partners to access superior yields that we pass along to our clients. As rates change in the market, we adjust the rates our clients receive. Our goal is always to provide the most competitive prices, so that you can get the most out of your crypto investments. Additionally, based on client feedback, we have a number of new security and dashboard features coming to client accounts in the coming weeks.
If you have questions about our changes, how we manage your wealth or want to learn more about our team, we’ll be putting out thought pieces to answer your questions. Feel free to reach out to our team at [email protected]. We love hearing from you.
– The BlockFi Team
 
Rates for BlockFi products are subject to change. Digital currency is not legal tender, is not backed by the government, and BIA accounts are not subject to FDIC or SIPC protections. Crypto assets are deposited into an account with Gemini or BitGo, our primary custodians and licensed depository trusts. For more information, please see BlockFi’s Terms of Service.

Last updated on February 4th, 2021

Share article
Twitter Share LinkFaceBook Share LinkLinkedIn Share LinkTelegram Share Link

Related Post

Blog post title: How BlockFi Handles Risk and Security
Cybersecurity

How BlockFi Handles Risk and Security

February 12, 2021

Blog post title: BlockFi Completes $350 Million Series D
BlockFi News

BlockFi Completes $350 Million Series D

March 11, 2021

Blog post title: Introducing the New BlockFi App
BlockFi News

Introducing the New BlockFi App

May 7, 2020

Blog post title: A Letter from Our Founders
BlockFi News

A Letter from Our Founders

January 1, 2021

App Store logo
Google Play logo
twitterlinkedinfacebookyoutubetelegram
Disclaimer: Rates for BlockFi products are subject to change. Digital currency is not legal tender, is not backed by the government, and BIA accounts are not subject to FDIC or SIPC protections. Security is our top priority. Please see our Vulnerability Disclosure Form and Bug Bounty Program.
2021 © All Rights Reserved.
ProductsArrow Pointing Down
InstitutionsArrow Pointing Down
ServicesArrow Pointing Down
ResourcesArrow Pointing Down
CompanyArrow Pointing Down
Follow usArrow Pointing Down
Apple Store logo
Google Play logo
twitterlinkedinfacebookyoutubetelegram
Disclaimer: Rates for BlockFi products are subject to change. Digital currency is not legal tender, is not backed by the government, and BIA accounts are not subject to FDIC or SIPC protections. Security is our top priority. Please see our Vulnerability Disclosure Form and Bug Bounty Program.
2021 © All Rights Reserved.