BlockFi, a financial service that offers crypto-backed loans and interest accounts, on Friday announced it dropped withdrawal penalties as well as minimums on BlockFi Interest Accounts (BIA).
“We’re thrilled to see the growth in platform activity from crypto investors leveraging our wealth management products. This update to our terms will make our products more widely accessible - which is a key theme of the crypto sector and part of our mission at BlockFi,” said CEO and Founder Zac Prince.
This development will afford BlockFi clients one free withdrawal per month and no minimum deposit amounts on Bitcoin, Ethereum and GUSD currency balances to earn interest.
“By making BIA open to all, we plan to target clients in Latin America, where banking services and credit reporting are limited. US-grade financial products have typically only been available to high net worth individuals in countries like Argentina and Costa Rica,” said Co-Founder and VP of Operations, Flori Marquez.
BlockFi’s efforts are reflective of a broader strategy to rapidly scale its core business of BIA and crypto-backed loans.
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