Hi PH community, Brad from BlockFi here. Today we're excited to announce our second product, the BlockFi Interest Account (BIA). Users can securely store their BTC or ETH at BlockFi and receive an industry-leading 6.2% annual compounding interest, paid monthly in cryptocurrency.
BIA has been in private beta since January 2019 and already holds over $10 million in assets from retail, corporate, and institutional crypto investors. We're excited to hear your thoughts and hope you try out the new product! Feel free to ask me or BlockFi CEO @blockfizac any questions.
From your website:
"BlockFi generates interest on assets held in Interest Accounts by lending them to trusted institutional and corporate borrowers. To ensure loan performance, BlockFi typically lends crypto on overcollateralized terms (similar to the structure of our crypto-backed loans). Furthermore, BlockFi’s automated risk management system monitors positions 24/7, leveraging the same trusted risk management system used with BlockFi’s crypto-backed loans. BlockFi has the ability to terminate a borrow in a timely fashion and also manages reserve balances to facilitate customer withdrawals from Interest Accounts."
Can you go into more details in regards to "lending to trusted corporate borrowers" ? Thanks!
@urban_osvald Not a problem. We have a number of institutional counterparties, some of which include our investors, who borrow crypto from us over-collateralized.
Report
People that value the properties of cryptocurrency wouldn't send it to a centralized party for any reason. Hopefully soon people won't even use centralized exchanges anymore.
Report
@bradmichelson Kudos on making the product. Unfortunately I'm unable to visit your website. It is giving me a default apache page when I try to open http://blockfi.com
BlockFi
The NFT Loss Harvestooor - By CoinLedger
0xcert
BlockFi
BlockFi