wealth management and company BlockFi has launched supporting () and () bearing 6 percent annual interest paid monthly in crypto. The company announced the launch through a published on its website on March 4.
In July last year, crypto-focused merchant bank Galaxy Digital a $52.5 million fundraising round for BlockFi.
Furthermore, according to the March announcement, interest earned in BlockFi’s interest accounts compounds monthly resulting in an annual percentage yield of 6.2 percent. The accounts also reportedly are not entirely new, since they have been in private beta since the beginning of the current year and already hold over $10 million in assets.
The post also specifies that client assets are custodied at the Gemini Trust Company (the custodian of the crypto exchange lead by the , ), which is regulated by the State Department of Financial Services. The post also notes that clients are reportedly able to withdraw funds from such accounts at any time.
The yield, which is being distributed through such accounts, will be generated from institutional borrowers. The company also claims:
“BlockFi’s proprietary risk management system, which automatically initiates margin calls and liquidations to protect our ’ assets, has a perfect zero-loss performance record since launching in 2017.”
As Cointelegraph has , company Genesis Global reportedly processed $1.114 billion in borrows and lends last year.
Published at Tue, 05 Mar 2019 19:06:54 +0000
