On March 4, cryptocurrency-backed USD lending platform Blockfi announced the launch of a new savings program called the Blockfi Interest Account (BIA). Having started as a private beta service, BIAs are now available to the public who can store bitcoin core (BTC) and ethereum (ETH) and receive 6 percent annual interest, paid monthly in cryptocurrency.
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Blockfi Introduces Savings Account That Earns a Return on BTC and ETH Holdings
Cryptocurrency lending company Blockfi has initiated a new service that provides investors with annual interest on stored cryptocurrencies. The Blockfi Interest Account (BIA) enables customers to earn 6.2 percent a year compounded monthly by simply storing BTC or ETH in an account. Last July, Blockfi raised $52.5 million to get the company rolling with a funding round led by Michael Novogratz’ company Galaxy Digital. In August, the lending firm was approved to operate its services in California. According to Blockfi, the newly created…