Rajarshi Mitra
Independent Analyst
- BlockFi, the cryptocurrency lending startup, has launched a crypto deposit account that provides compound interest.
- Some of the leading investors in the startup include Mike Novogratz’s Galaxy Digital Ventures and Anthony Pompliano’s Morgan Creek Digital.
BlockFi, the cryptocurrency lending startup, has launched a crypto deposit account that provides compound interest. The BlockFi Interest Account (BIA) will offer customers an annual interest rate of 6 percent, paid every month in cryptocurrency. That monthly interest is then compounded to produce a 6.2 percent annual percentage yield or APY.
Zac Prince, the CEO of BlockFi released a statement saying:
“The launch of BIA is a significant step in BlockFi’s goal of becoming the go-to provider of financial services for crypto investors. We’re excited to leverage our relationships to provide yield on digital assets for crypto investors.”
The client assets are custodied at the Gemini Trust Company, co-founded by Cameron and Tyler Winklevoss. Gemini is regulated by the New York State Department of Financial Services.
Earlier in December, BlockGi had raised $4 million in a round led by Akuna Capital. Some of the leading investors include Mike Novogratz’s Galaxy Digital Ventures and Anthony Pompliano’s Morgan Creek Digital. Pompliano himself tweeted about the launch saying:
“BANG BANG!
@TheRealBlockFi is launching a Bitcoin and Ether deposit account today where you get paid 6% annual interest, compounding monthly, paid in cryptocurrency.
Bringing the HEAT on a Tuesday “
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