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Cryptoasset-to-USD lender BlockFi announced on Friday it has removed minimums and fees for its BlockFi Interest Account (BIA). According to BlockFi, BIA clients will no longer have to meet a minimum deposit amount in their Bitcoin, Ether, or GUSD balances in order to earn interest. BlockFi has also emoved the early withdrawal penalty from the account and is now offering one free withdrawal per month to all clients.

“When BlockFi first launched the BIA, the price of one Bitcoin was significantly lower than it is today. In March 2019, one Bitcoin cost around $4,000. Since then, the price has more than doubled. Due to client feedback and increasing demand for the BlockFi Interest Account, the company has decided to remove the minimum to earn interest and make its products more widely available to all crypto investors.”

Speaking about the account changes, Zac Prince, CEO and Founder of BlockFi, stated:

“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.”

Flori Marquez, Co-Founder and VP of Operations at BlockFi, went on to add:

“Earlier this year, we expanded into new markets such as India. By making BIA open to all, we plan to target clients in Latin America, where banking services and credit reporting are limited. U.S.-grade financial products have typically only been available to high net worth individuals in countries like Argentina and Costa Rica. BlockFi’s platform leverages blockchain rails to make wealth management products available on a much broader scale.”

Source

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