{"id":1520,"date":"2019-03-22T08:58:14","date_gmt":"2019-03-22T08:58:14","guid":{"rendered":"https:\/\/www.silvermillerlaw.com\/?p=1520"},"modified":"2023-06-09T11:28:13","modified_gmt":"2023-06-09T11:28:13","slug":"blockfi-lowers-interest-rates-for-top-tier-crypto-deposit-accounts","status":"publish","type":"news_posts","link":"https:\/\/www.silvermillerlaw.com\/press\/in-the-news\/blockfi-lowers-interest-rates-for-top-tier-crypto-deposit-accounts\/","title":{"rendered":"BlockFi Lowers Interest Rates for top Tier Crypto Deposit Accounts"},"content":{"rendered":"

Crypto wealth management and lending company BlockFi has lowered the interest rates for their biggest cryptocurrency<\/a> deposit accounts, according to an official blog post on March 22.<\/p>\n

BlockFi launched<\/a> the BlockFi Interest Accounts (BIA), cryptocurrency accounts supporting Ethereum (ETH<\/a>) and Bitcoin (BTC<\/a>), earlier in March. The accounts initially offered a 6.2 percent annual interest paid monthly in crypto. The company\u2019s further analysis showed that almost 75 percent of the clients have a balance of less than 5 BTC or 150 ETH, while the median account balance is $7,000.<\/p>\n

Per the recent announcement, balances of up to or including 25 BTC or 500 ETH will still earn the 6.2 percent annual percentage yield interest rate, while all balances over that limit will reportedly earn a 2 percent rate starting on April 1.<\/p>\n

The company also announced that in April it will add a fiat withdrawal fee of 0.0025 BTC and 0.0015 ETH, although all withdrawals submitted prior to that will reportedly remain free. \u201cThese small adjustments are necessary to ensure that BIA can support as many clients as possible while maintaining the high quality services we provide to the average crypto consumer,\u201d BlockFi explained.<\/p>\n

Following its launch, BlockFi\u2019s product faced a critical reaction from some industry players, specifically due to the company\u2019s terms and conditions that allow it to determine the interest rate each month at its sole discretion, according to\u00a0Bloomberg<\/a>. David Silver, founder of the Silver Miller law firm, said:<\/strong><\/p>\n

\u201cA superficial review of their splash page and their terms and conditions shows that their advertising is not necessarily what they\u2019re guaranteeing […] and it\u2019s understandable why people would be confused if they didn\u2019t receive their 6.2 percent because BlockFi\u2019s advertising makes it seem like that\u2019s a guaranteed rate of return.\u201d<\/strong><\/p>\n

Commenting on the critics, Zac Prince, chief executive of BlockFi, told Bloomberg:<\/p>\n

\u201cWe didn\u2019t launch with a 6 percent rate with the intention of changing it one month later and pulling a big gotcha on everybody. That would be really bad business.\u201d<\/p>\n

Last May, trading and clearing platform\u00a0LedgerX<\/a>\u00a0launched<\/a>\u00a0a new BTC savings product that is licensed by the\u00a0United States<\/a>\u00a0Commodities Future Trading Commission<\/a>. Rather than just \u201chodling\u201d and hoping that Bitcoin appreciates, investors can purportedly earn a fiat-based yield on their BTC by employing what is referred to as a call overwrite technique, wherein an investor deposits BTC into LedgerX, then sells a call option at a slightly longer date, with a higher strike call option.<\/p>\n

Read the full article:<\/p>\n

BlockFi Lowers Interest Rates for Top Tier Crypto Deposit Accounts<\/a><\/p>\n","protected":false},"featured_media":1781,"template":"","meta":{"_acf_changed":false,"_links_to":"","_links_to_target":""},"news_categories":[10],"class_list":["post-1520","news_posts","type-news_posts","status-publish","has-post-thumbnail","hentry","news_categories-uncategorized"],"acf":[],"yoast_head":"\nBlockFi Lowers Interest Rates for top Tier Crypto Deposit Accounts - SilverMillerLaw.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.silvermillerlaw.com\/press\/in-the-news\/blockfi-lowers-interest-rates-for-top-tier-crypto-deposit-accounts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BlockFi Lowers Interest Rates for top Tier Crypto Deposit Accounts - SilverMillerLaw.com\" \/>\n<meta property=\"og:description\" content=\"Crypto wealth management and lending company BlockFi has lowered the interest rates for their biggest cryptocurrency deposit accounts, according to an official blog post on March 22. 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