Blockfi High-Interest Crypto Lending Program Launch in India
According to a recent report, Blockfi which is situated in the U.S now has a branch in India where it offers high-interest rate on its account for two digital currencies. It’s subsidiary, Blockfi Interest Account (BIA) for ETH and BTC is now present in 65 countries across the world.
Blockfi Interest Account (BIA)
The company released a publication which states that:
“As of this month, over $53 million in client crypto is stored with Blockfi,”
“We saw a huge amount of demand from India over the last month and we’re excited to welcome their crypto community to our platform.” it continued.
Every of Blockfi’s products will now be available to retail and institutions in India. The company already have customers from India subscribe to its services.
Blockfi Interest Account (BIA) was established in March and it gets interest on assets held in these accounts by loaning them to both corporate and institutional borrowers. It then pays interest in virtual currency at the beginning of every month.
BIA offers a yearly interest rate of 6.2% which was accumulated on a monthly basis for clients with balances of about or including 25 BTC or 500 ETH.
Due to businesses which make unforeseen demands like VC firms and crypto hedge funds, balances above the aforementioned limit are to get a tiered interest rate of 2 percent.
The Chief Executive Officer at Blockfi, Zac Prince said that:
“We plan to support additional assets in the interest account but are not able to disclose which ones or timing at this point.”
Reduced Minimum Requirements
From the 1st of May, the minimum BTC balance required to earn interest on Blockfi will be reduced to 0.5 BTC and the company intends to further reduce it in the near future. As the lower balance requirement will be put in effect come April 1, clients with balances between 0.5 BTC and 1 BTC this month will be eligible to earn interest at the end of the month.