BlockFi Introduces Crypto Accounts With Bitcoin And Ethereum Support
BlockFi, the Crypto wealth management and lending company launch new cryptocurrency accounts that will support Ethereum (ETH) and Bitcoin (BTC), bearing 6% annual interest paid monthly in crypto.
According to the blog post published on the company’s website on March 4, the client’s assets will be under the Gemini Trust Company custody. The Gemini Trust Company custody is the custodian of the crypto exchange lead by the Winklevoss Twins, Gemini, which is regulated by the New York State Department of Financial Services.
The post further notes that the clients are allowed to withdraw funds from such accounts at any time. The yield 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 customers’ assets, has a perfect zero-loss performance record since launching in 2017.”
Notably, Crypto-focused merchant bank Galaxy Digital led a $52.5 million fundraising round for BlockFi, in July last year.
Picture source: BlockFi Twitter