Today we’re excited to announce the launch of the BlockFi Interest Account (BIA). Available to the public starting today, users can securely store their Bitcoin or Ether at BlockFi and receive 6% annual interest, paid monthly in cryptocurrency. Interest earned in a BIA compounds monthly, delivering an industry-leading APY of 6.2%. The program has been in private beta since the beginning of 2019 and already holds over $10 million in assets from retail, corporate, and institutional crypto investors.
“The launch of BIA is another significant step in BlockFi’s goal of becoming the go-to provider of financial services for crypto investors,” said BlockFi CEO Zac Prince. “Lending and borrowing is readily available at the institutional level, and we’re excited to leverage our relationships and capital markets expertise to provide utility and yield on digital assets for all crypto investors.”
The BlockFi Interest Account is available to clients worldwide. Client assets are custodied at Gemini Trust Company, LLC, a New York trust company regulated by the New York State Department of Financial Services. Gemini recently announced digital asset insurance coverage and the completion of its SOC 2 Type 1 security compliance review of its exchange and custodian platform. Clients are able to initiate withdrawals at any time.
The yield provided to BIA clients is generated from institutional borrowers, including some who participated in BlockFi’s latest fundraise in December of 2018. Our counterparties typically post collateral above the borrowed crypto value in USD or stablecoin, which provides security for BlockFi and client assets. BlockFi’s proprietary risk management system, which automatically initiates margin calls and liquidations to protect our clients’ assets, has a perfect zero-loss performance record since launching in 2017.
“Our focus on delivering value for our clients and operating with robust compliance programs sets us apart from our competition. We’re excited to further diversify our product suite and bring innovative services to the crypto market,” said Flori Marquez Co-Founder and VP of Operations.
In recent months, we have expanded our team to support rapid growth, welcoming Mahesh Paolini-Subramanya, former CTO of Factom, as Chief Technology Officer. Additionally, Ken DePre, former VP on the repo sales and trading desk at Guggenheim Securities, has joined the company as Director of Operations. The BlockFi team is now over 25 people with offices in New York, Poland, and Argentina. If you’re interested in joining our growing team, review our open positions on AngelList.
“As crypto markets mature, greater liquidity will be constantly required to keep markets orderly,” said Rene van Kesteren, BlockFi’s Chief Risk Officer. “By providing a transparent yield on BTC and ETH, BlockFi will be a key part of the trading and market making ecosystem.”
To get started with your BlockFi Interest Account, visit http://app.blockfi.com/signup and create an account now!
We want to thank our clients and partners for helping support BlockFi’s rapid 2018 expansion. 2019 is poised to be an explosive year for us and we can’t wait to hear your thoughts. If you have any questions, comments, or ideas, feel free to reach out to our team at support@blockfi.com. We love hearing from you.
– The BlockFi Team
Twitter: https://twitter.com/TheRealBlockFi
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