BlockFi Interest Account Review
- Retail Lenders
- Institutional Lenders
- Blockchain Focused Companies
BlockFi is a regulated and licensed crypto asset lending platform based in New York. The company began operations in 2017 and now services a global customer base. In 2019, BlockFi introduced compound interest account products to both retail and institutional-grade customers.
BlockFi Interest Account - 2020 Comprehensive Review
BlockFi Interest Account Overview
|APY Rates||4% - 8.6%|
|Interest Earning Assets||BTC, ETH, GUSD, USDC, LTC, PAXG|
|Rate Variability||Fixed, Low Variable|
|Earn Interest on||Stablecoin, Crypto|
|Deposit Amounts||$0 - $1,000,000|
|Token Benefit||No Token|
|Platform Type||Centralized Lender|
|Platform Fees||No Fees|
|Supported Regions||All Countries|
|Excluded Regions||Sanctioned Countries|
BlockFi Interest Rates (APY)
|Earn On||APY Rate|
BlockFi Interest Account Alternatives
Pros and Cons
- Compound Interest - BlockFi crypto interest accounts earn monthly compounding interest on their account balances.
- Competitive Interest Rates - Investors can earn higher than average APY rates on Bitcoin, Ethereum, and the top stablecoin balances with the BlockFi interest account.
- Interest Payment Flex - BlockFi allows users to receive interest payments in the supported crypto asset of their choice.
- Trusted Custodian - BlockFi uses Gemini Custody, a reputable and insured industry custodian, to maintain and secure company account balances.
- Available Worldwide - The BlockFi interest account is available in most countries.
- No Asset Lockups - Users are free to withdraw their crypto asset account balances at any time, without penalty.
- Institutional Backing - BlockFi has raised multiple rounds of venture capital from reputable firms. The company is operationally financed for years to come.
- Variable Interest Rate - APR interest rates are subject to change at any time as per the BlockFi terms and conditions.
- No Insurance - BlockFi interest account balances are not insured.
- Privacy - Users are required to submit identity documentation and pass a standard KYC procedure in order to use the BlockFi interest account.
- USDT Availability - US-based users aren’t able to deposit or earn interest on Tether.
- Limited Number of Assets - Compared to other crypto interest account providers, BlockFi supports fewer interest-earning assets.
Frequently Asked Questions
Does BlockFi have a mobile app?
What crypto assets does the BlockFi interest account support?
The BlockFi interest account product currently supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Gemini Dollar (GUSD), USD Coin (USDC), Paxos Standard (PAX), PAX Gold (PAXG), and Tether (USDT). Note that USDT is not available to US-based users.
Does BlockFi offer compound interest on account balances?
Yes. BlockFi currently offers compound interest on all supported crypto asset balances.
What is the minimum deposit with the BlockFi interest account?
There is no minimum deposit required to start earning interest with BlockFi.
Are BlockFi interest accounts available to US residents?
Yes. BlockFi is both headquartered and licensed in the state of New York. US residents can access all BlockFi services.
BlockFi has quickly become one of the most trusted and reputable crypto lending platforms in the industry. Retail and institutional clients are earning compound interest on their crypto assets with no lockup restrictions across dozens of countries worldwide.
The company has secured years of operational runway from several reputable venture capital firms and plans to expand services into India and Latin America in 2020. Recently, minimum deposit requirements were removed and as a result, their compound interest account product has become considerably more accessible to retail users.
Blockfi is a legitimate blockchain finance company offering interest payments on crypto assets. Their interest account product is a solid option for retail investors, institutional investors, and blockchain-focused companies.
|Learn More||Best Features|
BlockFi's Official Website
Legal & Regulation - Facts & Figures
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Methodology: How We Review And Compare
Our mission is to provide the most informative, unbiased, and useful reviews and comparisons possible for products and services in the blockchain finance industry. Assessments are powered by experts with years of relevant experience.
The interest product providers found in this category have been tested extensively by our team as part of the review process. Factors we analyze in our interest product reviews and comparisons include: APR rates, compound interest, available assets, terms and fees, and deposit amounts.
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