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Cryptocurrency lending firm BlockFi announced that it has dropped minimum deposit requirement in its BlockFi Interest Account (BIA) and will pay interest on any amount of Bitcoin (BTC), Ether (ETH), and Gemini Dollar (GUSD).
As per an announcement on Friday, BIA holders are no longer obliged to meet a minimum deposit amount to earn interest on their BTC, ETH, and GUSD.
“We’re thrilled to see the growth in platform activity from crypto investors leveraging our wealth management products,” Zac Prince, BlockFi CEO and Founder said, noting that the latest move will make the firm’s products more widely accessible.
The New York-based consumer financial services firm also decided to offer one free withdrawal every month and to drop penalties for early withdrawals, although accounts are still subject to Gemini’s minimum withdrawals of 0.003 BTC and 0.056 ETH.
BlockFi expanded its services to India this year, with plans to target the crypto audience of Latin America, which reportedly has limited banking services and credit reporting.
“U.S.-grade financial products have typically only been available to high net worth individuals in countries like Argentina and Costa Rica. BlockFi’s platform leverages blockchain rails to make wealth management products available on a much broader scale,” Flori Marquez, BlockFi Co-Founder and Vice President of Operations, said.
The latest move follows after the firm recently raised $18.3 million in a Series A funding, spearheaded by Valar Ventures, which is one of the three venture funds founded in part by PayPal co-founder Peter Thiel.
As previously announced, the capital injection will be utilized to roll out new financial products, expand internationally to reach a wider mainstream audience, and add the firm’s headcount.
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