Crypto lending startup BlockFi has removed the minimum deposit requirements from its BlockFi Interest Account (BIA). Customers will no longer need to meet a minimum amount on their Bitcoin, Ethereum or GUSD holdings to be eligible to earn interest. In addition, the firm has removed the early withdrawal penalty from the crypto interest account and now offers one free withdrawal per month.
BlockFi sent out an email yesterday which stated, “Due to client feedback and the increasing demand for the BlockFi Interest Account, we have decided to remove the minimum to earn interest to make our products more widely available to all crypto investors. Dropping the minimums to earn interest will allow crypto investors holding any amount of Bitcoin, Ether, or GUSD the opportunity to benefit from our wealth management offerings.
However, customers should note that accounts are still subject to Gemini’s withdrawal minimums: 0.003 BTC and 0.056 ETH. Withdrawals for balances smaller than these amounts may take up to 30 days to process. Incidentally, BlockFi had launched for Indian customers in April this year.