BlockFi clients earn record interest payments in February

Published at: March 1, 2021

Crypto lending firm BlockFi posted another record-breaking month in February, paying out over $35 million in interest to its clients. 

The interest payments were comprised of 450 Bitcoin (BTC), 5,000 Ether (ETH) and $6 million in stablecoins, CEO Zac Prince said.

Another record breaking month of interest payments for @BlockFi clients in Feb. Over 35M in interest paid including:>450 #btc >5,000 #eth >6M in stablecoins Thank you and let’s keep going!

— Zac Prince (@BlockFiZac) March 1, 2021

Clients of BlockFi are able to earn interest on Bitcoin, Ether and stablecoins by depositing their cryptocurrencies into an interest-bearing account. The company has grown in popularity as more users look to earn passive income on their digital assets.

In addition to savings accounts, BlockFi also provides collateralized crypto loans, which allow users to stake their assets for fiat currency.

In February, BlockFi secured $30 million in funding from some of the crypto industry’s biggest investors, including Morgan Creek Digital, Winklevoss Capital and Arrington XRP Capital. With digital assets increasingly becoming mainstream, the platform has been able to attract more clients over the past 12 months.

As Cointelegraph previously reported, BlockFi entered into a partnership with Visa in December 2020 to launch a new Bitcoin rewards credit card. The new card allows users to earn BTC on purchases rather than airline miles or cash. Cardholders are eligible to receive 1.5% of their purchase back in BTC.

The growth of BlockFi has coincided with a surging bull market for digital assets. The combined market capitalization of all cryptocurrencies peaked north of $1.7 trillion last month. While the market has cooled, the collective value of cryptocurrencies currently sits at just under $1.5 trillion.

Tags
Adoption
Business
Cryptocurrencies
Credit Cards
Related Posts
Crypto.com Joins Open Payments Coalition of Over 100 Million Users
Cryptocurrency debit card firm Crypto.com is now a member of the Open Payments Coalition, alongside more than 40 other finance and technology firms. According to a June 18 announcement, admittance to the Open Payments Coalition will add Crypto.com’s 2 million users to a payment network of over 100 million members. Open Payments Coalition members have access to the PayID system, which allows users to send payments in any currency between any platform involved in the coalition. Users can send these transactions with nothing more than a human-readable ID, which is valid across all member services. This story is currently in …
Adoption / June 18, 2020
Mastercard Expands Cryptocurrency Program for Crypto Card Issuers
Mastercard is reaching out to cryptocurrency firms and encouraging them to apply to become partners as part of its newly-expanded cryptocurrency card program. On July 20, Mastercard said it was simplifying access to its Accelerate program for crypto card issuers, allowing applicants to be onboarded as partners “in a matter of weeks.” Now enhanced for crypto card applicants, the Accelerate program gives partners support with their market entry, continued growth and international expansion. New crypto partners will be assisted in integrating Mastercard’s technology and will be in a position to benefit from the firm’s cybersecurity expertise and market research. While …
Adoption / July 20, 2020
Gemini crypto exchange launches credit card in United States
Gemini, a major cryptocurrency exchange founded by the Winklevoss twins, has launched its crypto credit card. The company officially announced Thursday that its Gemini Credit Card is available in the United States across all 50 states. The new card is issued by the state-chartered industrial bank WebBank and features Mastercard as the exclusive card network. The card’s rollout comes more than a year after Gemini initially announced the project in 2021, aiming to reward users for using crypto for everyday transactions. Since launching the Gemini Credit Card waitlist last year, more than 500,000 users have signed up for the product, …
Adoption / April 14, 2022
ECB exclusive: Crypto payments ‘not currently cost-effective,’ Amex exec says
Gonzalo Pérez del Arco, director of government affairs in South Europe for card payment giant American Express, believes that making payments with crypto is not currently cost-effective. Pérez’s comments came during an exclusive chat with Cointelegraph editor Aaron Wood at European Blockchain Convention 2022, during which they discussed American Express’ current crypto-related plans and prospects. Pérez explained that several factors make crypto payments nonfeasible in the current market, such as high transaction costs and the willingness of merchants to accept digital payments. However, he noted that crypto payments could become a reality in the future, and American Express is bullish …
Adoption / June 28, 2022
Bit2Me and Mastercard launch debit card with crypto cashback
The merger of Web2 and Web3 tools continues as crypto-backed debit cards become more mainstream. In an announcement on Feb. 10, Bit2Me, the largest Spanish cryptocurrency exchange, revealed its new cashback debit card in partnership with Mastercard. The original Bit2Me card works for its users via the Mastercard network that hosts millions of businesses worldwide. This new update offers users up to 9% crypto cashback for all purchases made with the card online or in-store. Leif Ferreira, the CEO and co-founder of Bit2Me, told Cointelegraph that the use of already known Web2 financial tools like debit and credit cards comes …
Adoption / Feb. 10, 2023