BlockFi has removed the minimum deposit requirement from its interest-earning platform on cryptocurrency holding.
BlockFi is a startup based in New York that offers wealth management services to cryptocurrency investors. It supports interest-bearing accounts (BIA) for cryptocurrency holding. Currently, the platform is restricted to BTC, ETH, and GUSD only.
The BIA service was launched in March this year when Bitcoin’s price was around four thousand dollars. The Bitcoin rally and positive customer feedback encouraged the company to remove the minimum deposit requirement. The move will allow BlockFi to provide BIA services to a much larger community.
BlockFi: All focus on increasing product accessibility
Furthermore, the company has also eliminated its early withdrawal penalty. The company now allows one free withdrawal each month.
According to CEO Zac Prince, the move lines with the company’s vision. The company is focusing on enhancing the accessibility of high-quality financial products. Prince stated that the company was encouraged to see the increase in User activity on its platform.
Prince added that the increasing number of users was also highly motivating. The company wants to increase crypto adoption, and hence, it needs to increase the accessibility of its products. This way, more people will be able to utilize the services. He believed that through this, the crypto community would grow.
BlockFi: Other projects
BlockFi is also expanding its territory. The company has already ventured in India and has now set sights on Latin America.
The company’s co-founder spoke about the expansion by explaining the reason behind the move. He said that US grade financial products were only available to the wealthy elite in countries like Argentine. He wanted to provide these services to a much larger community through BlockFi.