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Cryptocurrency Lender BlockFi Is Increasing Interest Rates On Bitcoin And Ether
Summary: Despite interest rates dropping in traditional financial markets due to coronavirus risks BlockFi, the cryptocurrency lender, is increasing interest rates on Bitcoin (BTC) and Ether (ETH) holdings, effective April 1. Users with up to 5 Bitcoins will earn a 6% annual percentage yield (APY) instead of the 3.6% APY they're currently earning. Ether holders will ...
Despite interest rates dropping in traditional financial markets due to coronavirus risks BlockFi, the cryptocurrency lender, is increasing interest rates on Bitcoin (BTC) and Ether (ETH) holdings, effective April 1.
Users with up to 5 Bitcoins will earn a 6% annual percentage yield (APY) instead of the 3.6% APY they're currently earning. Ether holders will earn 4.5% APY for up to 500 ETHs as compared to 2%-3.6% APY currently.
According to The Block, BlockFi CEO Zac Prince said he raised interest rates because of two key factors, "supply constraint as other market participants have pulled back on their lending activities, and ample opportunities for market-making and arbitrage coming out of the extreme volatility that we experienced last week."
By Janelle Fox
Tags: Bitcoin,BlockFi,Coronavirus,Ether,Interest Rates
Link: Cryptocurrency Lender BlockFi Is Increasing Interest Rates On Bitcoin And Ether [Copy]
