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BlockFi Monthly Update – September 25th, 2019

Published, 25 September, 2019

Earn Interest on any amount of Bitcoin, Ether, or GUSD

In an effort to make our products more accessible to all crypto investors, we recently removed all minimums in the BlockFi Interest Account (BIA). This means that BIA clients will no longer have to meet a minimum deposit amount in their Bitcoin (BTC), Ether (ETH), or Gemini Dollar (GUSD) balances in order to earn interest. Additionally, we have removed the early withdrawal penalty from the account and are now offering one free withdrawal per month to all clients.

Although there is no longer a minimum balance required to earn interest, accounts are still subject to Gemini’s withdrawal minimums: 0.003 BTC and 0.056 ETH. Withdrawals for balances smaller than these amounts may take up to 30 days to process.

Interest Payment Flex

We are excited to announce the addition of a new feature to the BlockFi Interest Account (BIA) – Interest Payment Flex. Clients holding Bitcoin, Ether or GUSD in their BIA can elect to have their compound interest paid out in any one of the offered currencies.

For example, if you have BTC or ETH in your interest account, you can choose to receive all your interest in GUSD, ETH or BTC. Alternatively, if you are holding only GUSD, you can choose to receive all your interest in BTC, ETH or GUSD. This is a great way to diversify your cryptocurrency portfolio without having to buy any new crypto.

ETH Rate Increase & BTC Tier Adjustment

Borrowing demand in the institutional crypto lending market is a key element that enables BlockFi to pay interest to our clients. In an effort to pay interest to the most clients possible, we are updating our top tier for Bitcoin and raising ETH rates. Changes take effect on October 1, 2019.

BTC

BTC balances of 0 to 5 BTC will earn 6.2% APY (previously 0 to 10 BTC)
Balances above 5 BTC will earn 2.2% APY

ETH

Balances of 0 to 200 ETH will now earn 4.1% APY (previously 3.3% APY)
Balances over 200 ETH will continue to earn 0.5% APY

As always, if you have any questions or comments you can reach out to our support team through our contact us page or submit feedback here.

– 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 August 5th, 2022

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

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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.