Updated: Deposit bonus, APY promo, and new credit card details. is a cryptocurrency platform that both pays interest on crypto deposits (including stablecoins) and lets you gain liquidity by borrowing cash backed by your cryptocurrency. Two promotions going on now include the up to $250 bonus Bitcoin for new depsosits and the 10% APY on stablecoin deposits.
for new clients that sign up and fund a new BlockFi Interest Account. Here are the updated bonus tiers:
- Deposit $25 to $1,499 Get $15 in BTC.
- Deposit $1,500 to $19,999, Get $20 in BTC.
- Deposit $20,000 to $39,999, Get $40 in BTC.
- Deposit $40,000 to $74,999, Get $75 in BTC.
- Deposit $75,000 to $99,999, Get $150 in BTC.
- Deposit $100,000+, Get $250 in BTC.
This must be your first deposit, and you must make the qualifying deposits within 30 days of account opening. The required holding period is roughly 3 months. This one is an affiliate offer and you should see the promo code partner250 auto-filled on your application.
New BlockFi clients who sign up with a specific partner referral code and fund their account during the promotion period (current calendar month ending at 23:59:59 UTC on the last day of the month) are eligible to receive a tiered bonus paid in BTC. To be eligible for the promotion, this must be your first ever deposit in the BlockFi Interest Account, and you must maintain a $100+ crypto balance through the 14th of the month at 23:59:59 UTC two and a half months from the month of eligibility in order to remain eligible. Eligible payouts occur on the 15th of every month on a rolling basis. If the 15th falls on a weekend, then the payout will occur by the end of the next business day (ex. If you participate in the promo in December, your bonus will be paid out March 15th). This offer is not valid in conjunction with any other current or past promotions and the promo code on the account will be used to determine promo eligibility for new accounts. The bonus will be paid in BTC based on the prevailing market price at the time of payment. Payout will be based on your average daily balance (USD equivalent) maintained through 23:59:59 UTC on the 14th on the month you are eligible to be paid on. Any withdrawals made before 23:59:59 UTC on the 14th of the month you are eligible to be paid out on may affect your tier. BlockFi Interest Accounts are available in most countries worldwide and all U.S. states other than NY. There is a maximum of one bonus per client. This offer is not valid in conjunction with other promotions or offers. Terms subject to change. Rates for BlockFi products are subject to change. Digital currency is not legal tender, is not backed by the government, and BIA accounts are not subject to FDIC or SIPC protections.
To fund larger amounts quickly, you can do a wire transfer from your bank account or USDC transfer from Coinbase/Coinbase Pro. BlockFi also now supports free ACH transfers direct from your bank account, with reported transfer limits of $5,000 per day. Both deposits and withdrawals are fee-free. Linking is done via the Plaid platform, which means BlockFi never sees your passwords and your info is encrypted.
As of 7/1/2021, the BlockFi Interest Account (BIA) currently pays 4% APY on up to 0.5 Bitcoin (BTC) and 7.5% APY on up to $50,000 of USDC/GUSD stablecoins (subject to change on a monthly basis). There are no trade requirements, but when you deposit USD it will be converted to the GUSD (Gemini stablecoin) by default. (You can then use it to buy USDC or something else if you wish.) You could simply hold the stablecoin and earn interest until the bonus posts. Their overall business model is to earn a spread on the difference between lending out money and paying interest.
To earn interest on crypto, we lend assets to highly vetted and audited institutional counterparties. The interest we are able to pay is based on the yield that we are able to generate from lending, which directly correlates to the market demand in the space (I.e. what rate institutions are willing to pay to borrow specific crypto assets, as it varies from asset to asset).
BIA is available in 49 of 50 U.S. states (excluding New York). One free crypto withdrawal per calendar month and one free stablecoin withdrawal per month. After that, additional stablecoin withdrawals are $0.25 each.
I find it interesting these are the current interest rates on USDC from various exchanges (subject to balance limits):
- 7.5% APY from Blockfi (see 10% APY promo below)
Coinbase is probably the most established and has the highest market value, followed by Blockfi and then Voyager. But the APYs are so wildly different, are they accurate reflections of the relative amount of risk involved? All are multi-billion dollar companies. Voyager is a publicly-traded company on a Canadian stock exchange.
10% APY stablecoin promo through July 31st. Blockfi is offering 10% APY on USDC/GUSD if they are new stablecoin deposits added after 4/21/21.
New and existing BlockFi clients who fund and maintain additional USD stablecoin balances (excluding Tether and DAI) during the promotion period (4/22/21 00:00:00 UTC – 7/31/21 23:59:59 UTC) are eligible to receive a rate boost to 10% APY in GUSD on those additional balances.
Only additional USD stablecoin balances will be considered for this promotion. A snapshot of your USD stablecoin balance will be taken on 04/21/2021 23:59:59 UTC, and only additional USD stablecoin balances from 04/22/2021 to 07/31/2021 will be counted towards your bonus. Trades into USD stablecoin will also count towards your balance.
Blockfi credit card. The new has is a new rewards credit card that earns BTC instead of cash back. They’ve been adding a few new perks and removed the annual fee, so that altogether it can be a good compliment for Blockfi users. You can only join the waitlist if you already have an open BlockFi BIA account, so I’d grab the deposit bonus first. Here are the highlights:
- Earn 3.5% back in bitcoin during your first 3 months of card ownership.
- 2% extra APY on your stablecoin holdings
- Earn 0.25% back on all eligible trades, up to $500 in BTC each month.
- Earn 1.5% back in bitcoin on every purchase.
- Earn 2% back in bitcoin on every purchase over $50,000 of annual spend.
- No annual fee.
BlockFi is definitely one of the more well-established crypto sites, but you should do your own due diligence as it is not an FDIC-insured bank account nor a SIPC-insured brokerage account. I found that they were backed by some reputable firms including Fidelity Investments and Coinbase, with over $100 million raised so far. They use Gemini as their primary custodian, which is a licensed custodian and regulated by the New York State Department of Financial Services. As such, they will still require your name, address, and Social Security Number to verify the identity of all accountholders.
Bottom line. BlockFi offering , depending on deposit size, for new clients that sign up and fund a new BlockFi Interest Account. They also pay interest on both Bitcoin and stablecoin.
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