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BlockFi Monthly Update – March 30th, 2020

Published, 31 March, 2020

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

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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

As of February 14, 2022, the BlockFi Interest Account (BIA) is no longer available to new clients who are US persons or persons located in the US and existing US clients with BIA accounts are unable to transfer new assets to their BIAs. Learn More.

BlockFi Lending LLC NMLS ID#1737520 | NMLS Consumer Access

BlockFi Trading LLC NMLS ID#1873137 | NMLS Consumer Access

Digital currency is not legal tender, is not backed by the government, and crypto accounts held with BlockFi are not subject to FDIC or SIPC protections. Digital currency values are not static and fluctuate due to market changes. Not all products and services are available in all geographic areas and are subject to applicable terms and conditions. Eligibility for particular products and services is subject to final determination by BlockFi. Rates for BlockFi products are subject to change.

BlockFi Rewards Credit Card: For more information, please see BlockFi’s Terms of Service. BlockFi is not a Bank. Cards are issued by Evolve Bank & Trust, Member FDIC, pursuant to a license from Visa® USA Inc. Rewards are not offered by Evolve Bank & Trust and are instead offered and managed by BlockFi.

BlockFi International Ltd. holds a Class F digital assets business license under the Digital Assets Business Act, 2018 (as amended) and is licensed by the Bermuda Monetary Authority to conduct the following digital assets business activities: (i) issuing, selling or redeeming virtual coins, tokens or any other form of digital assets (ii) operating as a digital asset exchange (iii) providing custodial wallet services (iv) operating as a digital asset derivative exchange provider and (v) operating as a digital assets services vendor.

See blockfi.com/terms for more information.