BlockFi To Raise Deposit Rates From August 1st
Following on from its $400 million revolving credit deal with FTX, BlockFi has announced that from August 1st it will be increasing the yield it offers for deposits on several major stablecoins and cryptocurrencies.
The company says it will be increasing its rates for BTC, UNI, USDC, GUSD, PAX, BUSD, and USDT in the BlockFi Interest Account (BIA) for non-US clients. All tier amounts remain the same. BlockFi says rates on crypto assets held in its BIAs are primarily driven by institutional demand for borrowing assets.
As a result of a February 2022 settlement with the SEC, only non-US clients can open a new BIA account with BlockFi. US clients with BIAs (which are not registered under the US Securities Act of 1933) that existed prior to February 14, 2022 can maintain their BIAs, receive crypto interest, and redeem as in the past, but they can no longer add new assets to their BIAs. All current rates are listed here.
From August 1st, the new rates are as follows;
Bitcoin
Stablecoins (USDC, GUSD, PAX, BUSD)
Tether (USDT)
Uniswap (UNI)
Source Article: Mooloo
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