New York-based crypto loan startup BlockFi announced on Tuesday that it is now available to investors in India, bringing the company’s total country count to 65. Additionally, BlockFi has retroactively lowered the minimum account holding requirement for investors to earn interest on their Bitcoin (BTC) holdings.
The BlockFI Interest Account is now over $53MM in deposits! Today we’re announcing lower minimums to earn interest on BTC, rate changes to ETH and availability in India! Read the blog post to learn more https://t.co/jktXGDTBdT
— BlockFi (@TheRealBlockFi) April 23, 2019
According to the announcement, a minimum of 0.5 BTC is now required to earn interest and the new minimum will be retroactively applied so that users who have been holding funds on the platform earn interest dating back to April 1. BlockFi also announced that Ethereum (ETH) deposits up to 250 ETH now earn 6.2% APY, and will continue to be dynamically adjusted based on market conditions and user lending demand. The minimum ether balance required to earn interest is currently 25 ETH.
As of this month, over $53 million in client crypto is stored with BlockFi.
This news comes around 4 months after BlockFi closed a $4 million convertible debt fundraising round led by Akuna Capital, with notable participation from Galaxy Digital Ventures, Morgan Creek Digital and Devonshire Investors, the private equity group affiliated with Fidelity’s parent company, FMR LLC.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.