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.
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.
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.
As always, if you have any questions or comments you can reach out to our support team at [email protected]
or submit feedback here.