Blockfi Starts Interest Bearing Savings Accounts for Cryptocurrencies
According to a recent report,
Cryptocurrency-backed USD Lending Platform
In July 2018, the platform raised a sum of $52.5 million in order to keep the company functioning. The funding round was led by Galaxy Digital which belongs to Michael Novogratz.
In August, the platform was granted the
The Chief Executive Officer of
Blockfi, Zac Prince said that:
“The launch of BIA is another significant step in
Blockfi’sgoal of becoming the go-to provider of financial services for crypto investors, ” “Lending and borrowing are readily available at the institutional level, and we’re excited to leverage our relationships and capital markets expertise to provide utility and yield on digital assets for all crypto investors,” he added.
Also, the BIA service is available to all the platform’s customers all over the globe and the Gemini Trust Company in New York which just completed a SOC 2 Type 1 security compliance review is in charge of the digital assets.
The Chief Risk Officer at
Blockfi, Rene van Kesteren said that: “As crypto markets mature, greater liquidity will be constantly required to keep markets orderly,” “By providing a transparent yield on BTC and ETH, Blockfiwill be a key part of the trading and market making an ecosystem.” he added.