BlockFi, a crypto lending firm in New York, has recently announced multiple updates that will ultimately begin in May of this year.
One of the biggest changes will be the reduced Bitcoin deposit minimum, which will drop from 1 BTC to 0.5 BTC, according to reports from The Block. A new blog post on the matter adds that BlockFi will also start providing services in India.
The changes to the Bitcoin deposit minimums will be retroactively applied to any transaction from April 1st and on. Anyone with a balance of 0.5 BTC to 1 BTC will see an interest payment deposited to their account by the end of April, though BlockFi will continue to apply the payments towards lower balances as well.
Other limits that are due to be changed include the incentives for depositing ETH. Originally, clients would get an initial interest account offer of 6.2% for up to 500 ETH, but the company dropped down the maximum to 250 ETH. Furthermore, there will be a 2% initial interest account offer for any account that goes beyond the limit, which seems to be due to the lessened demand to borrow ETH from the company.
Ever since interest accounts were launched by BlockFi last month, the assets that the platform holds for clients has increased by $40 million. Added to the former balance, the company holds over $50 total. The CEO, Zac Prince, spoke with The Block, explaining that the reception of the Interest Account amongst clients “has been overwhelmingly positive.”
The client base of BlockFi has grown “around 50% in the first half of April from the end of March,” Prince explained while speaking with CoinDesk. He expressed that he believes new clients will continue to come in to the company as the minimum balance requirement is reduced and more customers become eligible.
Presently, there are over 50 countries that BlockFi extends its services to, and the company wants to add more features for interest earnings in the future. BlockFi has been offering fiat loans via Bitcoin and Ether since the start of the year after receiving funding from Galaxy Digital, ConsenSys Ventures, SoFi, and Kenetic Capital.