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BlockFi Removes Minimums and Fees for Its Crypto Interest Account
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BlockFi Removes Minimums and Fees for Its Crypto Interest Account

Published, 13 September, 2019

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BlockFi Removes Minimums and Fees for Its Crypto Interest Account
BlockFi is excited to announce today that it has dropped all minimums in the BlockFi Interest Account (BIA). BIA clients will no longer have to meet a minimum deposit amount in their Bitcoin, Ether, or GUSD balances in order to earn interest. Additionally, BlockFi has removed the early withdrawal penalty from the account and is now offering one free withdrawal per month to all clients.
When BlockFi first launched the BIA, the price of one Bitcoin was significantly lower than it is today. In March 2019, one Bitcoin cost around $4,000. Since then, the price has more than doubled. Due to client feedback and increasing demand for the BlockFi Interest Account, the company has decided to remove the minimum to earn interest and make its products more widely available to all crypto investors.
“We’re thrilled to see the growth in platform activity from crypto investors leveraging our wealth management products. This update to our terms will make our products more widely accessible – which is a key theme of the crypto sector and part of our mission at BlockFi.” – Zac Prince, CEO and Founder.
“Earlier this year, we expanded into new markets such as India. By making BIA open to all, we plan to target clients in Latin America, where banking services and credit reporting are limited. U.S.-grade financial products have typically only been available to high net worth individuals in countries like Argentina and Costa Rica. BlockFi’s platform leverages blockchain rails to make wealth management products available on a much broader scale.” – Flori Marquez, Co-Founder and VP of Operations.
Having recently raised its Series A financing round, led by Valar Ventures, BlockFi is currently focusing its efforts on rapidly scaling its core business, making its current products (BIA and crypto-backed loans) more accessible to a wider crypto audience, and developing new products to expand its addressable market. To this end, BlockFi is actively working on innovative approaches to bring more value to its current clients and crypto investors at large. For example, BlockFi recently added a new feature to the BIA, Interest Payment Flex. With Flex enabled, clients holding Bitcoin, Ether, or GUSD in their BIA can select which of the three offered currencies to receive all their interest in. Dropping the minimums to earn interest is the latest step in this process: this change will allow crypto investors holding any amount of Bitcoin, Ether, or GUSD to benefit from BlockFi’s wealth management offerings.
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.
– The BlockFi Team
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 February 3rd, 2021

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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.
2021 © All Rights Reserved.
Apple Store logo
Google Play logo
BlockFi Lending LLC NMLS ID#1737520 | NMLS Consumer Access
BlockFi Trading LLC NMLS ID#1873737 | 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.
2021 © All Rights Reserved.