We all dream of owning a business, but the reality of actually running a company can be a challenge. Whether you’re focused on broadening your business’s outreach to new customers, developing new products and services, or expanding to new locations, you need capital to finance your growth. And that’s where BlockFi can help. With the Business BlockFi Interest Account (BIA)
, you can add an innovative set of tools to your company’s financial strategy, while earning up to 8.6% APY in crypto interest on your crypto assets.
Let’s take a look at how the Business BIA can help drive business growth and provide a unique opportunity to earn interest in crypto on your crypto assets.
Can Businesses Open a BIA?
Yes! Signing up for a BIA as a business is a quick and simple process from start to finish, and it’s very similar to creating an individual account. There are just a couple of added steps, including providing your business formation document as proof of a legitimate business account, and listing your company’s ultimate beneficiary owners.
Once your documentation is submitted, our team will work to verify and approve your account. The current turnaround time for business account approvals ranges from 10 to 15 business days. Once you’re approved, you can begin transferring crypto assets and start earning interest immediately.
Below is the initial sign-up screen for the BIA. When registering as a business, simply input your name or the name of the person who will control the account. From there, you can continue the sign-up process as usual. You will be asked to provide the company’s articles of incorporation during the process.
Please note: Most businesses don't need to reach out to our Institutional Services team. Institutional customers are other financial institutions such as banks, investment management companies, insurance companies, etc. If your company doesn't fall into one of these categories, the Business BIA is the right product for you.
Why Buy Crypto?
Crypto has become a widely adopted digital asset for startups and large businesses alike. Companies like Tesla and MicroStrategy have shifted a portion of their cash into Bitcoin, a move that showcases confidence in the future of the asset. Bitcoin is regulated and has institutional support via OTC desks that facilitate large transactions ideal for companies. It’s still a relatively new asset, but one that has seen large-scale appreciation and adoption in recent years. As with any purchase, there is still risk in buying bitcoin, but in the best-case scenario, making Bitcoin a part of your company’s holdings can help extend your cash runway.
Funding New Products or Services
Consumers are always looking for new and innovative products and services, so keeping your offerings on the cutting edge is key to retaining your client base and broadening your appeal to new customer segments. Moreover, maintaining interest and value for existing clientele is an efficient and low-cost way to increase revenue over time.
However, introducing new products or services can be expensive, so you’ll need to generate capital to foot the costs. The BIA helps you earn crypto interest on your crypto assets while your business continues to grow and build value so you can focus on operations and expansion, without selling your crypto.
Increasing Marketing and Outreach
Marketing’s core function is to get new eyes on your business and maximize the number of potential new clients you can reach. The avenues for achieving this outreach are different for every industry and business, but most require some dedicated capital to get a campaign up and running. The barrier to entry can be high. For example, running a digital ad campaign for a small- to mid-sized business can cost tens of thousands of dollars a month.
Ultimately, marketing campaigns are an essential part of expanding your business and ensuring future growth. Crypto can be helpful in funding these new campaigns. By transferring cryptoassets into a BIA, you can focus on strategy while continuously earning crypto interest on an appreciating asset.
Financing Brick-and-Mortar and Online Expansion
A critical element in expanding your e-commerce presence is to go where the customers are. That could mean third-party marketplaces or building out your online store. Both routes are integral to making your brand discoverable and visible to your clients.
Having a physical presence can also be an important signifier of reputation and reliability to your client base, even if a large portion of your business is conducted online. For example, Amazon does the majority of its business through its website, but it still invests a great deal of capital into building brick-and-mortar locations to establish a more grounded relationship with its customers.
While expanding your online presence is generally less expensive than opening a brick-and-mortar location, both options require up-front investments and maintenance costs. With a Business BIA, you can hold on to your crypto and earn interest in crypto without needing to sell. This can help keep your business liquid and free to react quickly to any situation, all while generating interest in crypto.
Opening a business BIA takes less than two minutes and can help you diversify your holdings while generating returns. If you have any questions about BlockFi or how to open a BIA, please visit our Help Center
or get in touch with our Client Support team by submitting a ticket here
Disclaimer: Nothing contained in this announcement should be construed as a solicitation of an offer to buy or offer, or recommendation, to acquire or dispose of any security, commodity, investment or to engage in any other transaction. The information provided in this announcement is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. This announcement is not directed to any person in any jurisdiction where the publication or availability of the announcement is prohibited, by reason of that person’s nationality, residence or otherwise.
Neither BlockFi nor any of its affiliates or representatives provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.
Digital currency is not legal tender, is not backed by the government, and crypto interest accounts are not subject to FDIC or SIPC protections. For more information, please see BlockFi’s Terms of Service.