Crypto Lender BlockFi Cuts Interest Rates Paid to Largest Account Holders
Just weeks after launching the product, BlockFi has cut the interest rate paid to large customers on its crypto deposit account.
Minimum deposits have been dropped on BlockFi's Interest Bearing Accounts for bitcoin, ethereum and the gemini dollar.
Winklevoss Capital, Galaxy Digital, and ConsenSys funded the crypto lender's latest round.
BlockFi, the cryptocurrency lending service, is expanding into trading with an unusual, zero-fee model.
BlockFi is almost halving the interest rate it offers on ether deposits from June 1, while the rate on larger bitcoin deposits will go up slightly.
BlockFi has gathered another $18 million of bitcoin and ether deposits since last month, bringing its total interest-earning accounts to $53 million.