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The BlockFi management fund now manages $53 million in crypto, the space reports via a blog post.
Managing big crypto
“BlockFi was founded on the belief that crypto investors should have access to the same products and services available in the traditional financial markets,” starts the post. Since its founding only two years ago, the space has brought in dozens of clients from over 50 countries. “As of this month, over $53 million in client crypto is stored with BlockFi and is earning interest every day.”
This news is on top of the group’s BlockFi Interest Account (BIA), which came about last month. The goal with this BIA is to assist clients in buying cryptocurrencies for the long haul. BlockFi wants to provide better interest rates than traditional banks:
“Right now, the best online savings accounts offer 2.25% APY, which is dwarfed by the 6.2% APY BlockFi provides to crypto investors.”
Changes are coming
Moreover, the group is making the following changes to their systems and offerings:
- Retroactively dropping the minimum required Bitcoin (BTC) balance to earn interest to 0.5 BTC. Essentially, after the group launched the BIA feature, users asked for this change. Thanks to that feedback, investments from 0.5 and upward are eligible to gain interest. That and BlockFi’s change will affect investments from April 1st as well.
- Ethereum (ETH) deposits up to 250 ETH will earn 6.2% APY. Of course, the group can only pay interest on cryptoassets that are positive in the market. Ethereum’s price has changed a little bit over the past few months, and so the pricing must adjust to reflect this.
- Expansion into India. BlockFi is now supporting India’s crypto industry. This marks the 65th country of expansion, and only more will come.
“We’re able to provide the interest account product because we’ve created a marketplace for institutional borrowers,” continues the post:
“Our portfolio management system, built by our Chief Risk Officer Rene van Kesteren, monitors and manages all of these deals 24/7. Previously, Rene managed structured lending for Bank of America for 15 years prior to joining BlockFi. We leverage our relationships with our institutional partners to access superior yields that we pass along to our clients. As rates change in the market, we adjust the rates our clients receive. Our goal is always to provide the most competitive prices, so that you can get the most out of your crypto investments”
Of course, changes will continue to be made based on client feedback and other insights. There will also be new changes to the security and dashboard features coming soon as well. Overall, BlockFi will become an ideal firm to manage one’s Bitcoin trading.