Yes they paid. If you deposit 1BTC last month, let say for a full month from March 1st to April 1st, you are paid 6.2% APR. Meaning for March earning of 0.0051666666666667% for your 1BTC you would have earned 0.0051666666666667BTC which value today at $25. If you have 2BTC balance deposit, you would have earned 0.0103333333333333BTC value at $50, but again they paid via the Cryptos that you have deposited, in this case it’s BTC. If you do Ethereum they pay via Ethereum and so on.
Yes you can withdraw it, anytime. However if you withdraw your original deposit, it will impact your earning, I believe it has to be in the balance for the complete month. So imagine if you have 25BTC, you will be earning 0.1291666666666667BTC value at $632, again they paid via Cryptos, you can sell to USD at coinbase, gemini, and so on but there will be some fees, probably 5-10% so your $632 probably become $600 minus capital gain tax = $500 pocket take home amount.
For me I just invested 1BTC to test it out, and I’m compounding it. This is a risk I could loose my 1BTC and the profit I made monthly could be gone as well if something were to happen with blockfi, as blockfi.com have indicated if they got hacked or system problem loss all their coins, then they will not be obligated to pay you back anything, just want to make that clear, it’s the risk you need to know. However this is probably one of the safest lending platform versus ponzi ones out there that gave you 6.2% Monthly not yearly.
On Tuesday, April 2, 2019, 12:50:25 PM EDT, BlockFi [email protected] wrote:
We paid out 23.2 BTC and 405.3 ETH in crypto interest this month!
Clients of the BlockFi Interest Account (BIA) have now received their first monthly interest payment. Since last month’s launch, we’ve seen overwhelming demand from people wanting to earn interest on crypto. At the end of March, BlockFi paid out the equivalent of 23.2 BTC and 405.3 ETH in interest to BIA clients. We couldn’t be more excited about this.
Yesterday BlockFi clients received their first email statement from our team, which included their total deposit amounts, the amount of interest they earned, and whether they’ve earned any referral bonuses. BIA clients can also login to the BIA dashboard to view their update balance, account transaction history, and their unique wallet addresses for storing more crypto at BlockFi to earn interest on.
If you deposited 1 BTC at the beginning of the month, you just earned 0.005 BTC for the month of March. Your new balance of 1.005 BTC will earn interest in April and interest will continue to compound monthly.. Curious how compound interest will help you grow your overall holdings in the future? Our resource center covers how earning crypto interest with BIA works. If you have any other questions, feel free to reach out to our team at [email protected]. We love hearing from you.
Not already signed up for a BIA? Sign up to earn 6.2% APY on your BTC and ETH now.
Start Earning Now!
Are you ready to file your crypto taxes on April 15th?
The last day to file your taxes in the U.S. is only 12 days away. Calculating crypto taxes can be a pain, but our tax partners TokenTax & Zenledger have built powerful tools that integrate right into your favorite exchanges and automatically generate your full transaction history, gains/losses, and ready-to-file tax documents. Spend less time worrying about tabulating each trade and more time focussed on what trades are next. For more info, check out our list of top tax tools on our resource center!
Get 20% off TokenTax with code BlockFiTaxes2018 and 10% off Zenledger with code BLOCKFI
Team Spotlight: Rene van Kesteren
Rene has been a crucial part of the BlockFi team since joining in 2017. As our Chief Risk Officer, he’s had a major role in developing BlockFi’s strong risk management regiment and the software that has enabled our loan product to flourish during turbulent market environments. His expertise comes from the 15 years he spent at BOA Merrill Lynch, where he was a Managing Director of Equity Markets. Since joining BlockFi, he has developed a strong belief in the potential of blockchain technology and has become an advocate for crypto in the traditional banking world. You can hear more of his journey on one of the recent episodes of the Tales from the Crypt podcast.
BlockFi in the news:
Retail investors are lining up for the latest twist in the never-ending crypto craze. – Bloomberg
BlockFi CEO discussing the BlockFi Interest Account Launch – Cheddar TV
Bitcoin is out to (eventually) replace your bank account – Forbes
Learn More About BlockFi
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E: [email protected]
T: (646)-779-9688
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Disclaimer: This is a marketing email developed as marketing material for the BlockFi brand. Some of our emails may contain marketing links, which means we will receive a commission for purchases made via those links. Rates for BlockFi product rates are subject to change. Digital currency is not legal tender, is not backed by the government, and BIA accounts are not subject to FDIC or SIPC protections.