Lending and crypto asset management company BlockFi is now in charge of more than $53 million of their clients’ crypto assets.
BlockFi Policy Changes
The accomplishment was announced in a recent update in the company’s blog. It also shared that BlockFi will be implementing several policy changes in May, like the lowering of the minimum deposit needed to earn interest. In its updated policy, Bitcoin (BTC) balances starting at 0.5BTC and up will start earning interest while those with ethereum (ETH) deposits of up to 250 ETH can earn 6.2 percent in annual percentage yield (APY).
It’s not the first time the wealth management company has revised its policies. It already lowered interest rates for its major cryptocurrency accounts in March. At the time, BlockFi stated that balances of 500 ETH or 25 BTC and up can still earn 6.2 percent APY. Meanwhile, balances that go over that limit at estimated to earn at a rate of two percent beginning April 1.
The company has also added a withdrawal fee of 0.0015 ETH or 0.0025 BTC. However, withdrawals given before April will allegedly still be free of charge. According to BlockFi, these minor changes were essential to make sure that BIA can assist as many customers as they can while continuing to provide a good quality service that the average crypto client expects.
BlockFi’s decision to lower the minimum balance has gained the approval of many bitcoin users and has undoubtedly made the service more attractive to would-be investors. However, future investors should still be cautious as companies that demand crypto deposits are constantly targeted by hackers.