BlockFi drops minimum and fees on interest bearing crypto accounts

BlockFi has removed minimum deposits for its BlockFi Interest Account (BIA), CoinDesk's William Foxley reports. Under its new rules, anyone can deposit Bitcoin ($BTC), Ethereum ($ETH), or the Gemini Dollar ($GUSD) and allegedly get up to a 6.2% annual return. BlockFi told CoinDesk on Friday that while the price of bitcoin and other cryptocurrencies has risen substantially since BIA’s launch in March, it dropped its minimum deposit requirement because of consumer demand. BlockFi previously mandated a 0.5 BTC, 25 ETC, or 2,500 GUSD minimum on deposits before the rule change. Early withdrawal penalties have also been lifted on the BIA product and users can receive up to one free withdrawal per month.

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