BlockFi
BlockFi, headquartered in Jersey City, New Jersey, offers cryptocurrency-related financial services including a tiered interest structure on various cryptocurrencies and a BlockFi Interest Account that compounds interest monthly.
BlockFi Services
BlockFi offers a tiered interest structure for various cryptocurrencies, which came into effect on August 1, 2022. Clients can utilize the BlockFi Interest Account to earn interest in crypto, with interest compounding monthly to increase the Annual Percentage Yield. The company also provides a cryptocurrency rewards credit card, known as the BlockFi Rewards Visa Signature Card, serviced through a partnership with Deserve. BlockFi has implemented elevated withdrawal fees due to increased costs on the Ethereum network as of March 25, 2024.
BlockFi Interest Accounts
The BlockFi Interest Account allows clients to earn interest on their cryptocurrency holdings. The interest earned compounds monthly, enhancing the Annual Percentage Yield over time. This financial product is designed to provide a passive income stream for cryptocurrency investors, with different interest rates applied depending on the tier of the cryptocurrency held.
BlockFi Company Background
BlockFi is headquartered in Jersey City, New Jersey. The company offers various financial products and services in the cryptocurrency sector, including interest-earning accounts and credit card rewards programs. It operates under a Class F digital assets business license from the Bermuda Monetary Authority through BlockFi International Ltd.
BlockFi Operational Changes
On November 10, 2022, BlockFi suspended its operations and paused its platform, placing all retail loans into administrative forbearance. This significant operational change affected all ongoing services and activities, marking a critical moment in the company's history.