Well Blockfi.com is paying, and look like they’re making it better. If you buy Gemini stable coin GUSD, and put it in your wallet balance in Blockfi, you will get interest rate of 8.25% APY.
On Wednesday, July 24, 2019, 04:16:45 PM EDT, BlockFi [email protected] wrote:
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Asset Growth – General State of the Business
Equity markets typically experience a summer slowdown. In stark contrast, July was a colorful month for crypto. While the price of Bitcoin has remained relatively unchanged on a month-over-month basis, much has happened in the 4 weeks spanning July. Notably, the Treasury Secretary issued a statement on the structure of crypto, Fidelity applied for a Trust License in NYC to become a custodian and Grayscale Bitcoin Trust hit an all time high of $2.8B AUM, signaling demand from retirement accounts, institutions, and family offices to invest in crypto.
At BlockFi, we continued to experience platform growth, notably our USD loans gained traction with international borrowers. The ability to borrow USD-denominated debt at interest rates as low as 4.5% is impactful to international borrowers with lack of low-cost financing options. In particular, international customers have been leveraging the ability to pay back their loan in stablecoins or with the collateral used to secure their loan with BlockFi.
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Why Rates Are Changing
As we continue to scale out the BlockFi Interest Account (BIA), we are continuing to make updates to the amount of interest paid out to customers. Our ability to pay interest is tied to borrowing demand in the institutional crypto lending market. BlockFi actively lends crypto to institutions, which pay varying rates depending on the volume of crypto available and the volatility of crypto prices. In an effort to be able to pay interest to the largest amount of clients possible, we are updating our top tier pricing for Bitcoin.
AugustRates
BlockFi will be making the following rate adjustments to the BlockFi Interest Account as of August 1, 2019:
BTC balances above 10 BTC will earn 2.15% APY
The rate for GUSD deposits will increase to from 6.2% to 8.25% with no maximum
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BlockFi on Security and the Withdrawal Process
This month we published an article that speaks to BlockFi’s position on security and some enhanced security protocols BlockFi is currently exploring. BlockFi has processed close to $120M in withdrawals of Bitcoin and Ether from our Gemini custodial account since launching the BlockFi Interest Account in March 2019. Over the last several months, we have confirmed that processing withdrawals within 24-48 hours of a request offers clients optimal mix of speed and security.
Additionally, we shared more details on our loan payoff process, highlighting the flexibility of the product. Clients can pay off with USD, stablecoin or the crypto posted as collateral for their loan.
BlockFi Featured on The Scoop
BlockFi founder, Zac Prince was featured on The Block’s podcast (The Scoop). Zac discussed BlockFi’s growth over the past year and the company’s current and future product development plans. BlockFi’s ambitious plans are broken down into three main phases:
Phase 1- provide products for people who already own Bitcoin or another crypto asset that BlockFi supports (crypto loans and the BlockFi Interest Account)
Phase 2- bring further functionality to current products and develop new product offerings designed for active crypto investors and for those who do not currently own cryptocurrency alike
Phase 3- focus on international expansion
Product Updates
This week, we will be rolling out a new series of updates to our product Dashboard, focusing on improvements to our user Profile and our Interest Account.
The Profile section now has additional user account functionality: clients can store and edit contact information which, in turn, seamlessly integrates into our identity verification and product application processes.
The Interest Account landing page has been streamlined to include Deposit, Withdrawal, and Transaction-view functionality. Clients can initiate Transactions with a single click directly from the Interest Account overview page.
BlockFi Partnership Highlights
Casa
All existing BlockFi clients are eligible for:
$50 off Casa Node with included Gold Subscription
$200 off first year of Casa Platinum with 3-of-5 Key Shield multisig
$500 off first year of Casa Diamond with 3-of-5 Key Shield and full team support
Additionally, Casa Gold, Platinum and Diamond members are eligible for:
Reduced rates on BlockFi BTC-backed loans
Plus an additional 10% interest each month on Bitcoin interest accounts. At BlockFi’s current rate of 6% annual interest, this would mean Casa clients are able to earn 6.6% annual interest.
Note: the reduced rates and additional interest mentioned above only apply to new BlockFi account holders. A complete list of requirements can be found here.
Messari
BlockFi has joined Messari’s Reward Transparency initiative, which provides discounted professional services to registry clients. The registry is an open source database that focuses on bringing transparency to crypto project stakeholders. BlockFi offers registry projects (current and new registry members) a 10% bonus on interest payments, and a 0.25% reduction in borrowing rates.
Market Commentary
by our partner
DelphiDigitalWhiteLogo
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Bitcoin Dominates as Digital Gold Narrative Strengthens
The crypto market has taken a substantial hit the last few weeks, largely led by smaller alternative crypto assets. Bitcoin, however, has held up relatively well over the last month as the current macro environment strengthens the bullish narrative for BTC as a long-term option on digital gold.
The recent price pullback caused bitcoin’s price to dip below its 50- day moving average (MA) for the first time since early January. Historically, BTC’s short-term performance following such an event leaves much to be desired, though the recent price consolidation is likely necessary for bitcoin to make another move higher.
Enjoy this content and analysis? Delphi Digital is offering BlockFi clients 20% off all Delphi Digital services which include weekly market commentary, monthly Bitcoin outlook and quarterly macro outlooks. Use the code BLOCKFI20 at checkout to get the exclusive 20% discount.
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Refer a Friend and Earn Crypto
One of the easiest ways to earn free crypto is by referring your friends! You’ll earn 10% of the interest your referrals earn for as long as the deposit stays in their account. That 10% is in addition to their interest. Read how to earn your share here.
Learn about Refer A Friend
Copyright © 2019. BlockFi, All rights reserved.
Contact Us:
E: [email protected]
T: (646)-779-9688
M: 201 Montgomery Street, Second Floor, Suite 263
Jersey City, New Jersey 07302
*All USD values are based on the current price available from Gemini
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. All Interest Account balances are stored in a custodial account with Gemini
BlockFi, 201 Montgomery Street, Second Floor, Suite 263, Jersey City, NJ 07302, USA, 646-779-9688
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