BlockFi Is Now Paying Interest on $53 Million of Crypto Deposits - CoinDesk
BlockFi has gathered another $18 million of bitcoin and ether deposits since last month, bringing its total interest-earning accounts to $53 million.
- The company also lowered its minimum balance to earn interest on bitcoin from 1 BTC to 0.5 BTC and expanded its operations to India, meaning its service is now available globally, except for territories sanctioned by the U.S., U.K. and E.U.
- "We expect the quantity of new clients to increase further as we lower the minimum balance requirement for interest earning eligibility.
- "BlockFi's ability to pay interest to our clients is based on crypto market lending conditions.
- At the time, Prince explained to CoinDesk that the company had too many deposits to keep its business in balance: BlockFi was lending out most of the clients' crypto to institutional borrowers to earn interest, and the demand from the borrowers didn't cover the influx of crypto deposits.