BlockFi Introduces a Digital Assets Interest Product for Investors

US-based wealth management products provider BlockFi has announced the launch of a new digital assets interest product for accredited investors.

The news follows the company's agreement to shut down a yield-paying crypto product after it was deemed illegal by the SEC.

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In the case of BlockFi, the company had to pay a USD 100 million fine for its BlockFi Interest Accounts product. As for this new product, it will initially become available to US accredited investors exclusively, but there are plans to open it up to all US customers at the start of 2023. Some of the product’s highlights include no minimum investment as well as support for 15 digital assets such as Bitcoin and Ether. 

Earlier in 2022, BlockFi was directly affected by the downturn of the crypto market and had to lay off around 20% of its workforce in a decision that affected 170 employees. The company also struck a deal with crypto exchange FTX. As part of that deal, FTX provided BlockFi with a USD 400 million credit line and in return gained an option to buy BlockFi.

(Source: The Paypers)