BlockFi Is Now Paying Interest on $53 Million of Crypto Deposits

Crypto lending startup BlockFi has gathered another $18 million of bitcoin and ether deposits since last month, bringing its total interest-earning accounts to $53 million. The company also lowered its minimum balance to earn interest on bitcoin from 1 BTC to 0.5 BTC and expanded its operations to India, meaning its service is now available globally, except for territories sanctioned by the U.S., U.K. and E.U. “We grew the client base around 50 percent in the first half of April from the end of March,” BlockFi’s CEO Zac Prince told CoinDesk Tuesday. “We expect the quantity of new clients to increase further as we lower the minimum balance requirement for interest earning eligibility. We also see incremental deposits from existing clients, especially around the beginning of the month after interest payments are made.” However, in response to market conditions, BlockFi has also made its terms less favorable for large ether depositors. Effective May 1, it will lower the maximum balance for which it will pay 6.2 percent annual interest to 250 ETH from 500. All amounts above that threshold will receive only 2 percent.