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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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    All BIA balances are stored in a custodial account with Gemini.
    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. For more information, please see BlockFi’s Terms of Service.
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    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 riot subject to FDIC or SIPC protections. Security is our top priority. Please see our Vulnerability Disclosure Form and Bug Bounty Program.
    BlockFi Lending LLC NMLS ID#1737520 | NMLS Consumer Access
    BlockFi Trading LLC NMLS ID#1873137 | NMLS Consumer Access
    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.
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