BlockFi: No More Minimum and Fees on Interest Bearing Crypto Accounts
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Coindesk recently reported that BlockFi has removed its minimum deposits for its BlockFi Interest Account (BIA).
As per the new rules, anyone can now deposit bitcoin, ethereum, or the gemini dollar and may be able to receive up to 6.2 percent interest annually.
Even the price of bitcoin and other cryptocurrencies has grown significantly since BIA’s launch in March. BlockFi still lowered the minimum deposit requirement because of high consumer demand, as per the Report.
Being more flexible for their users
BlockFi’s minimum deposit required to start receiving interest was 0.5 BTC, 25 ETC, or 2,500 GUSD before implementing the new Terms of Service.
They have also lifted the early withdrawal penalties on the BIA product and users can now withdraw free once per month.
Zac Prince (BlockFi CEO and Founder) said in a statement:
“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.”
BlockFi is aiming a fast approach Latin America market push which complements a launch in India earlier this year.
Flori Marquez (BlockFi Co-Founder and VP of Operations) mentioned:
“By making BIA open to all, we plan to target clients in Latin America, where banking services and credit reporting are limited. BlockFi’s platform leverages blockchain rails to make wealth management products available on a much broader scale.”
“US-grade financial products have typically only been available to high net worth individuals in countries like Argentina and Costa Rica,” he added.
The launch came a month after the closing of an $18.3 million Series A round led by Valar Ventures. At the time, BlockFi said the funds would go toward launching additional products like BIA.
