Blockfi Launches High-Interest Crypto Lending Program in India

Blockfi Launches High-Interest Crypto Lending Program in India

US-based Blockfi has expanded into India, offering a high rate on its interest-bearing account for two cryptocurrencies. News.Bitcoin.com talked to Blockfi and a local Indian crypto exchange offering a similar program to find out how the two products differ.


Blockfi Launching in India

New Jersey-based crypto startup Blockfi announced Tuesday that it has expanded service to users in India. Its flagship Blockfi Interest Account (BIA) for BTC and ETH is now available in 65 countries.

“As of this month, over $53 million in client crypto is stored with Blockfi,” the company shared, adding that “We saw a huge amount of demand from India over the last month and we’re excited to welcome their crypto community to our platform.”

A Blockfi representative told news.Bitcoin.com Wednesday:

All of Blockfi’s products will be available to retail and institutions in India. Blockfi have already had clients from India sign up for our services.

Blockfi Launches High-Interest Crypto Lending Program in India

Launched in March, BIAs pay interest in cryptocurrency at the beginning of each month. The company explained that it generates interest on assets held in these accounts by lending them to institutional and corporate borrowers.

The account offers 6.2% annual interest compounded monthly for customers with balances of up to and including 25 BTC or 500 ETH. All balances over that limit will earn a tiered rate of 2% interest. The 2% rate was introduced on April 1 due to “unanticipated demand from businesses like crypto hedge funds and VC firms,” the company detailed at the time.

Blockfi CEO Zac Prince confirmed to news.Bitcoin.com Wednesday:

We plan to support additional assets in the interest account but are not able to disclose which ones or specific timing at this point.

Lower Minimum Requirements

Blockfi also announced Tuesday that, starting May 1, the minimum required BTC balance to earn interest will be lowered to 0.5 BTC, with an expectation to lower it further in the near future. Furthermore, the lower balance requirement will be applied retroactively as of April 1 so customers with balances of between 0.5 BTC and 1 BTC this month will be eligible to receive interest at the end of the month.

Blockfi Launches High-Interest Crypto Lending Program in India

Deposits of up to 250 ETH will also earn 6.2% APY. However, Blockfi revealed that “Over the past month, demand for borrowing ETH has dropped, and as a result, ETH tier rates will be adjusted in tandem.”

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Good news! Praise for Blockfi.

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Good Afternoon

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Support

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@parung76 #3

Support

 thanks.

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support

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good

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