The blockFips cryptostartage operating in the lending segment has presented deposit accounts of the BlockFi Interest Interest Account (BIA).

Today we are launching the BlockFi interest Account (BIA). Users can securely store Bitcoin or Ether at BlockFi and receive 6% annual interest, paid monthly in cryptocurrency! BIA interest compounds monthly, delivering an industry-leading APY of 6.2%. https://t.co/QmkRVxOBQ7 pic.twitter.com/Gn247S6LAw

– BlockFi (@TheRealBlockFi) 5 March, 2019 p.

BlockFi clients can open accounts in Bitcoins and Ethereum. With a monthly interest charge, the annual rate of return is 6.2%. Below is a graph illustrating the advantages of compound interest over simple and showing that an investment of $ 10,000 turns into $ 30,000 in less than 20 years:

Source: BlockFi site

Another feature of deposits is that withdrawals are possible at any time. Safety of funds provides Gemini Trust Company LLC brothers Winklevoss. The company notes that the service is available to users from different countries.

According to representatives of BlockFi, beta testing of the new service started in early 2019, and by this time the company attracted $ 10 million in cryptodeposits from retail and institutional investors.

Lawyer Stephen Pelly wrote in his Twitter account that, because of the fixed rate of 6.2% BlockFi, he first seemed like a financial pyramid.

Honestly, if the terms didn * t * say what I thought.

– Palley (@stephendpalley) 5 March, 2019 r.

However, having studied the detailed terms of use of the service , Palley found a clause stating that, depending on market conditions, the interest rate may vary every month at the discretion of the company.

The lawyer came to the conclusion that the marketing department was engaged in creating a splash-page without coordinating information with the legal department.

It’s not really … um … 100 percent accurate.

– Palley (@stephendpalley) 5 March, 2019 r.

Earlier, BlockFi managed to attract investments from such eminent market players as Coinbase , Galaxy Digital and Fidelity .

Subscribe to BlockchainJournal on YouTube !