BlockFi Announces Withdrawal Fees, Rate Changes Coming July 1: What You Need To Know

Crypto lending platform BlockFi announced higher BlockFi Interest Account (BIA) rates Friday. 

What Happened: As of July 1, BlockFi will be increasing BIA rates for Bitcoin BTC/USD, Ethereum ETH/USD and stablecoins, including USDC USDC/USD, Gemini Dollar, PAX and Binance USD BUSD/USD.

The announcement entails an increased Bitcoin Tier 1 APY from 3% to 3.5%, Bitcoin Tier 2 APY from 1% to 2% and Bitcoin Tier 3 APY from 0.1% to 2%. Ethereum will also be assigned increased BIA rates, with Tier 1 APY rising from 3% to 3.5%; Tier 2 APY increasing from 1.5% to 2%; and Tier 3 APY rising from 0.25% to 2%.

Stablecoins are also subject to increased BIA rates, as per the tier amount. Furthermore, BlockFi has announced lower withdrawal fees for Bitcoin, Ethereum and stablecoins. The company is dropping its one free monthly withdrawal while reducing withdrawal fees.