Leading crypto lending and wealth management company BlockFi has just released its monthly update and by the looks of it, the company’s products are being loved by investors. Its newly launched crypto deposit account – BlockFi Interest Account (BIA) – offers an annual percentage yield of 6.2% making it the best in the industry. The company now manages $53 million worth of crypto deposits which are generating interest for investors every month.
The company has also lowered the minimum required Bitcoin balance to earn interest. Earlier, users had to deposit a minimum of 1 BTC to become eligible to earn interest. This requirement has been changed to 0.5 BTC, enabling more investors to earn interest on their deposits. This will be applied retrospectively for April 1st, so users having more than 0.5 BTC after this date will be eligible to earn interest on their deposits.
BlockFi has also made some changes to Ethereum deposits. After May 1st, only ETH deposits up to 250 ETH will be eligible for the 6.2% annual interest rate. Earlier, the threshold was 500 ETH. All accounts holding over 250 ETH will be able to get only 2% annual interest. The company said that the demand for ETH borrowing has dropped, and rates have been dropped to reflect this trend.
BlockFi in India
Good news for Indian cryptocurrency investors. The company has officially opened up its platform for India. BlockFi said that it has seen a huge demand for its products from Indian investors. BlockFi now has its presence across 65 countries.