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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 at support@blockfi.com or submit feedback here.

    – 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.
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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 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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