Blockfi Interest Account (BIA), launched on March 4 by cryptocurrency-backed USD lending platform Blockfi, is now available to the public from being a private beta service. It allows account holders to save bitcoin core (BTC) and ether (ETH) for 6% annual interest that pays out in cryptocurrency monthly.
According to Bitcoin.com, Blockfi raised $52.5 million last July to get the company going, where Michael Novogratz’ company Galaxy Digital led the funding round. In August, the service was approved to operate in California. During its private beta days, the BIA program managed to attract $10 million worth of BTC and ETH. These were from retail, corporate and institutional investors.
Zac Prince, Blockfi CEO said on March 4th, “The launch of BIA is another significant step in Blockfi’s goal of becoming the go-to provider of financial services for crypto investors. Lending and borrowing are readily available at the institutional level, and we’re excited to leverage our relationships and capital markets expertise to provide utility and yield on digital assets for all crypto investors.”
The company happily announced that the service is available to customers worldwide. Blockfi also mentioned that digital assets are held by the Gemini Trust Company in New York.
Apart from being a big break for cryptocurrencies, this service opens more potential possibilities for blockchain and crypto enthusiasts to dive into and eventually enjoy.