BlockFi is raising rates on Bitcoin and Ethereum interest accounts.
The market crash has led to an "increased level of activity" on the crypto lender's platform, said CEO Zac Prince.
Despite the uncertainty, Prince said BlockFi remains bullish long term.
Despite chaos in the stock and crypto markets over the past week, crypto lending firm BlockFi says it has weathered the storm.
BlockFi CEO Zac Prince announced today that the company will be raising rates on its Bitcoin and Ethereum interest accounts. Users with up to 5 BTC in a savings account will see rates increase to 6% APY, and users with up to 500 ETH will earn 4.5% APY.
“BlockFi’s business model, offering both loans and interest accounts has allowed us to maintain higher stability in these volatile markets,” Prince told Decrypt. “As we’ve been able to increase our margins on lending, we can use that to then improve interest on our BIA product,” he said.
During these troubling times, Prince pointed to the fact that BlockFi remained “a source of liquidity,” meaning that they accumulated enough capital from clients and last January’s Series B Funding round to withstand the sell-off last week. “We’re continuing to offer great value whether the market is heavily bullish, or bearish,” said Prince. Read More...