— BlockFi (@TheRealBlockFi) April 2, 2019
The launch of the BlockFi Interest Account (BIA) was a huge success. They received overwhelming support from the community and new clients joining the platform. The BIA private beta, which launched in January, brought in about $10 million in client assets. Since their public launch on March 5, BIA has grown by over 400% and counting. Approximately 75% of BIA clients have a balance of less than 5 BTC or 150 ETH. Their median account balance is $7,000 USD. This is a testament to the market demand for simple and easy to use consumer-focused products in the crypto ecosystem.
They also saw unanticipated demand from businesses like crypto hedge funds and VC firms. They found that these firms open large accounts on the platform as a way to bolster their returns.
The company’s Director of Marketing, Brad Michelson said:
“Best email notification I’ve ever gotten. Sign up to the @TheRealBlockFi Interest Account and earn up to 6.2% interest APY on your crypto, compounding monthly.”
Additionally, on April 5th, they will be adding a flat withdrawal fee of 0.0025 BTC and 0.0015 ETH. All withdrawals submitted before then will remain free.
Notably, their promised 6.2% annual return received resentment from many influencers from the crypto community.