BlockFi Retail Account Balance Increased Fivefold in Past Year, CEO Says

Zac Prince said the average balance of a retail client has climbed from $10,000 to $50,000 in the last year.

Jun 11, 2021 at 1:09 p.m. UTC
Updated Sep 14, 2021 at 1:10 p.m. UTC

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.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.