BlockFi now managing $53 million worth of crypto

23 Apr, 2019
by David Robb
News
BlockFi now managing $53 million worth of crypto

The BlockFi team has released its monthly report. According to the team, the crypto financial services provider now handles over $53 million worth of clients' cryptocurrencies.

The BlockFi platform was set up to enable regular crypto investors to have access to the types of tools that are used by institutional investors. It has backing from Fidelity as well as Mike Novogratz's Galaxy Digital and Morgan Creek Digital, the fund managed by Anthony 'Pomp' Pompliano.

The company manages over $53 million worth of crypto tokens, mostly BTC and ETH, for clients. This is an increase of around $10 million from March, and is over $40 million more than back in February.

BlockFi offers crypto loans, as well as providing an account option that allows clients to earn interest on their crypto holdings. Some new updates to how these accounts operate have been introduced this month. 

The minimum Bitcoin holdings for the BlockFi Interest Account has been lowered, so clients who have holdings of less than 0.5 BTC will now be eligible to earn interest. Ethereum (ETH) deposits of up to 250 ETH will now offer interest rates of 6.2% APY. Also, BlockFi's services are now available in India.

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