BlockFi’s Customers Can Start Earning Up To 6.2% Interest On Crypto; No Matter How Much You Hodl
BlockFi, a cryptocurrency lending platform has indicated that its customers will now start earning interest on all their deposits, regardless of whether they are GUSD (Gemini Dollar), ETH (Ether), or BTC (Bitcoin).
No Set Minimums
The crypto lending company based in New York released a statement on September 13 stating that its customers could now start earning interest on all their deposits. The statement went on to add that there was no set minimum for clients depositing crypto. This essentially means that the clients would be able to earn interest on all their GUSD, Ether, and Bitcoin balances.
Zac Prince, who is the CEO and founder of BlockFi mentioned that he was excited to note that there was growth in the platform. The growth had been spurred by crypto investors who were trying to leverage all their wealth management products.
The BlockFi team went on to state that they had arrived at the decision to do away with the minimum deposit requirement after realizing that this would ensure that its BIA product was available to many crypto enthusiasts.
In the past year, the American based crypto lender has been busy planning its expansion plans. This is something that has seen it venture into India, with plans underway to ensure that it also gets into Latin America.
Flori Marquez, the VP of Operations and one of the platforms’ co-founders stated that their expansion plans were meant to ensure that BIA was open to all crypto enthusiasts. The VP went on to state that their roadmap included expanding into Latin America where the residents had limited access to credit reporting and banking services.
Additionally, many of the financial products provided by US companies have in many cases only been provided to individuals with a high net worth, many of whom are located in Costa Rica and Argentina. BlockFi was, therefore, interested in leveraging blockchain to ensure that it gets to provide wealth management products to as many people as it possibly can.
In other news, the blockchain platform recently secured $18.3 million in a Valar Ventures led funding round.
We are removing minimums and fees for the BlockFi Interest Account (BIA). This means you can now earn interest on your crypto regardless of how much crypto you own. Learn more and get started today 👉 https://t.co/NhMlLTRkrW #Crypto
— BlockFi (@TheRealBlockFi) September 13, 2019