No minimum deposit to earn interest
On Sept. 13, the New York-based cryptocurrency lending company, BlockFi, announced that, starting today, its BlockFi Interest Account (BIA) clients will not be required to meet a minimum deposit amount in order for them to earn interest on their Bitcoin, Ether, or GUSD balances.
Zac Prince, founder and CEO at BlockFi stated that he is excited to see the growth in platform activity from crypto investors leveraging their wealth management products, while the BlockFi team added that the decision to waive the minimum deposit will make its BIA available to a wider crypto audience.
“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.”
BlockFi secures $18.3 million
BlockFi had secured $18.3 million in a funding round led by Valar Ventures, one of three venture funds co-founded by PayPal co-founder Peter Thiel. BlockFi was the first company to receive institutional funding for crypto-based loans in United States dollars, in the form of a $50 million lending facility from Galaxy Digital.
In April, Cointelegraph wrote that BlockFi had over $53 million in client crypto assets under management.