Users of the crypto lending company BlockFi will have the possibility to deposit any amount of digital currencies on the platform and start earning interest on them.
At the moment, the digital assets supported include Bitcoin (BTC), Ethereum (ETH) and Gemini Dollar (GUSD). The information was released by BlockFi in a blog post on September 13.
BlockFi Expands Its Offering By Lowering Minimum Deposits
BlockFi decided to drop all minimum deposits in the BlockFi Interest Account (BIA), meaning clients will no longer have to meet minimum deposit amounts if they want to earn interest in their BTC, ETH or GUSD.
Among the changes in the fees, BlockFi removed early withdrawal penalties from users’ accounts. That means individuals will be able to withdraw their virtual currencies when they decide to do so.
The goal of this measure is to make the services widely available to everyone in the cryptocurrency market. They explained the number of users increased substantially since they launched in March this year.
Zac Prince, the CEO and Founder of BlockFi, commented:
“We’re thrilled to see the growth in platform activity from crypto investors leveraging our wealth management products. This update to our terms will make our products more widely accessible, which is a key theme of the crypto sector and part of our mission at BlockFi.”
Flori Marquez, the co-founder and VP of Operations, explained that they wanted to expand to new markets, including India. The goal was also to target new clients in Latin America, where banking services and credit reporting are limited.
Moreover, countries such as Argentina and Costa Rica offer financial products and services to high net worth individuals. By leveraging blockchain technology, BlockFi wants to make new financial products available on a much broader scale.
BlockFi is currently working on scaling its business in order to reach a larger number of users around the world. At the same time, they are developing new products to address the demands of the market.
At the moment, the annual percentage yield (APY) offered by BlockFi depends on the number of funds deposited. For example, BTC deposit up to 10 BTC will receive an APY of 6.2%. Bitcoin deposits of over 10 BTC will receive an APY of 2.2%. Ethereum users that have up to 200 ETH will receive 3.3% or 0.5% APY if the ETH in the account surpasses 200. GUSD users would receive an APY of 8.6%.