This month has been one of our busiest months to date. We announced an upcoming rate increase, launched the ability to purchase crypto with cash, and added support for Paxos Standard (PAX). We were able to accomplish all of this during one of the most volatile months in crypto’s history.
If you’re interested in learning how BlockFi has handled operations during this moment defined by market volatility and COVID-19, please read this detailed
blog post by our CEO Zac Prince. Our team is now fully remote and available via email and phone for any questions. We’ve continued to maintain perfect performance across all of our lending activities with zero losses in the lending book.
Please note,
BlockFi Interest Account (BIA) interest payments will be going out on the first business day of this coming month (April 1, 2020).
Rates Update
Our balance sheet is stronger than ever and shifts in the institutional lending markets have created opportunities that enable us to deliver more to our clients. As a result, starting April 1st, we are raising our Interest Account rates. Notably, we’re bringing back the 6% APY on BTC!
Updated rates:
BTC
Tier 1 | 6.0% APY | up to 5 BTC
Tier 2 | 3.2% APY | > 5 BTC
ETH
Tier 1 | 4.5% APY | up to 500 ETH
Tier 2 | 2.0% APY | > 500 ETH
Support for Paxos Standard (PAX)
We recently
added support for the stablecoin Paxos Standard (PAX). Like GUSD and USDC, you will earn interest at the industry-leading rate of 8.6% APY on your PAX, and trade with no fees. If you’re interested in learning about stablecoins and their benefits, you can read more
here.
Buy Crypto With Cash
This month we announced a new product feature: the ability to send cash via wire. This marks the first time that you can use our services without ever having purchased crypto before. You can do this by sending USD wires to our platform to purchase stablecoin, and begin earning up to 8.6% APY on USD-denominated assets. Learn more and get started
here.
New Refer-A-Friend Program - Starting May 1, 2020
Starting May 1st, 2020, BlockFi will be launching a new Refer-A-Friend program: now, both you and the friends you refer will earn bonuses for joining BlockFi.
For clients already participating in the current 10% referral structure, please note we will be ending this program on April 30th, 2020. For all the friends that you refer until April 30th, 2020, you’ll earn the legacy referral of 10% accrued interest. The new program will start after your last payout from the legacy referral program on May 1st, 2020.
-- Starting May 1st, 2020 --
Level 1
For each friend you refer, you and your friend will both earn $10 in BTC
Your friend must deposit $100 or more worth of crypto
Your friend must maintain that balance or greater for at least 30 days
Both of you will earn the bonus payment on the following interest payment day
Level 2
After referring 5 friends (with your 6th referral onward), you’ll earn $20 in BTC, and your referrals will earn $10 in BTC. Clients who have already successfully referred 5 or more friends, complying with the terms outlined, will be automatically placed in Level 2.
Your friend must deposit $100 or more worth of crypto
Your friend must maintain that balance or greater for at least 30 days
Both of you will earn the bonus payment on the following interest payment day
More details on the new Refer-A-Friend program can be found
here.
Interviews
This month we’ve been busy recording new content for
BlockFi Live that we’ll be releasing over the next month. You can view our most recent
BlockFi Live episodes and other interviews here:
If you ever have any questions, our support team is always happy to help. Call us at +1 (646) 779-9688 or email us at
support@blockfi.com.
– 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.