The average balance held in an account on crypto lender BlockFi’s platform rose five-fold in the past year, CEO Zac Prince said in an interview with Bloomberg.
- The average balance of a retail client jumped from $10,000 to $50,000 in the period, Prince said in the interview Thursday.
- "Part of that is from folks getting comfortable with our products and depositing more funds, but a lot of it is from the performance of the assets," he said, responding to a question about crypto's volatility.
- Prince welcomed the possibility of more robust regulation of the crypto industry: "Regulatory clarity enables companies like BlockFi to continue innovating, and enables consumers and investors to participate in this sector with the utmost confidence," he said.
- BlockFi announced Thursday the launch of BlockFi Prime, a trading platform for institutional investors and high-net-worth clients.