BlockFi Is Opening Up Its Gemini-Backed Bitcoin Interest Account
23 April 2019 9:00 AM GMT
BlockFi is retroactively dropping the minimum required bitcoin balance to earn interest to 0.5 bitcoin after a wave of customer demand for a lower threshold...
- Bitcoin and ethereum got their first interest-bearing accounts last month after the New York-based cryptocurrency lending startup BlockFi launched them, paying 6.2% interest on deposits and backed by the Winklevoss twins' Gemini exchange .
- Now, BlockFi is retroactively dropping the minimum required bitcoin balance to earn interest to 0.5 bitcoin, down from one bitcoin previously, after a wave of customer demand for a lower threshold.
- "We're the first institutionally backed company to offer a compound interest product on crypto-so there is an element of learning as we go," Prince said.
- "As you can see in the update, overall balances are growing despite the decreased interest rate for large balances.
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