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BlockFi reduces bitcoin deposit minimums; announces expansion into India as crypto deposits swell above $50 million

Ryan Todd

New York crypto lending firm BlockFi has announced a slew of updates that will come into effect at the start of May, including a reduction of its bitcoin deposit minimum from 1 BTC to .5 BTC and the ability to service clients in India, according to a new blog post .

Changes to the bitcoin deposit minimums will be applied retroactively from April 1, meaning customers with a balance between .5 and 1 BTC will receive interest at the end of the month. The firm intends to continue to lower balances.

The lender also announced it will apply its initial interest account offer of 6.2% on ETH deposits up to 250 ETH (down from its original 500 ETH limit), and 2% for any accounts that surpass this new limit. According to the post, this was a response to softening client demand to borrow ETH.

Since the launch of BlockFi's interest accounts in early March, client' assets managed by the firm have grown by over $40 million and are now above $50 million in total.

“The reception of the BlockFi Interest Account has been overwhelmingly positive. We now have clients signing up to earn interest on their crypto in over 50 countries. As our client base continues to grow, we look forward to offering more features and more assets for our clients to earn interest on," the firm's CEO Zac Prince told The Block.