BlockFi Decreases Minimum Deposits for Interest Bearing Accounts

BlockFi has lowered minimum deposits for its BlockFi Interest Account (BIA). 

Under its new rules, anybody can deposit bitcoin, ethereum, or the gemini dollar and purportedly get up to a 6.2 percent yearly return.

BlockFi said on Friday that while the cost of bitcoin and different digital currencies has risen considerably since BIA’s launch in March, it dropped its minimum deposit requirement as a result of consumer demand. BlockFi recently commanded a 0.5 BTC, 25 ETH, or 2,500 GUSD least on stores before the rule change.

Early withdrawal penalties have likewise been lifted on the BIA product, and clients can get up to one free withdrawal for each month.

“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,” said Zac Prince, CEO and Founder.

The firm is lookingto an imminent Latin America market push which complements a launch in India earlier in 2019.

“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,” said Flori Marquez, Co-Founder and VP of Operations

He added, “US-grade financial products have typically only been available to high net worth individuals in countries like Argentina and Costa Rica.”

The product introduction comes following an $18.3 million Series A round led by Valar Ventures last month. BlockFi stated the funds would go toward introducing more products like BIA.