Clients of BlockFi, a cryptocurrency lending firm, will now have the ability to begin incomes curiosity on any quantity of Bitcoin (BTC), Ether (ETH), and Gemini Greenback (GUSD).
No minimal deposit to earn curiosity
On Sept. 13, the New York-based cryptocurrency lending firm, BlockFi, introduced that, beginning as we speak, its BlockFi Interest Account (BIA) purchasers is not going to be required to satisfy a minimal deposit quantity to ensure that them to earn curiosity on their Bitcoin, Ether, or GUSD balances.
Zac Prince, founder and CEO at BlockFi said that he’s excited to see the expansion in platform exercise from crypto traders leveraging their wealth administration merchandise, whereas the BlockFi workforce added that the choice to waive the minimal deposit will make its BIA accessible to a wider crypto viewers.
This yr the American cryptocurrency lender expanded its companies into India and now plans to enter Latin America. Co-founder and VP of operations, Flori Marquez mentioned:
“Earlier this yr, we expanded into new markets corresponding to India. By making BIA open to all, we plan to focus on purchasers in Latin America, the place banking companies and credit score reporting are restricted. U.S.-grade monetary merchandise have sometimes solely been accessible to excessive internet price people in nations like Argentina and Costa Rica. BlockFi’s platform leverages blockchain rails to make wealth administration merchandise accessible on a much wider scale.”
BlockFi secures $18.three million
Cointelegraph just lately reported that BlockFi had secured $18.three million in a funding spherical led by Valar Ventures, one of three enterprise funds co-founded by PayPal co-founder Peter Thiel. BlockFi was the primary firm to obtain institutional funding for crypto-based loans in United States dollars, within the kind of a $50 million lending facility from Galaxy Digital.
In April, Cointelegraph wrote that BlockFi had over $53 million in consumer crypto belongings underneath administration.