👀 $25 million in two weeks: BlockFi booms as Bitcoin and Ether investors seek interest
Since its beta launch in January, BlockFi has received $35 million in crypto for its interest-yielding deposit accounts. The 6.2% rate is double or triple of the U.S. Treasury Bill yield or common savings account yield, an offer that has many in the industry skeptical. Coindesk's interview with BlockFi CEO Zac Prince revealed that the crypto deposit program is actually losing money and will be fueled by VC funds till the company gains maturity or goes public. Most of the crypto deposits are loaned out at variable rates to institutions, a challenging task when digital asset price fluctuations are taken into account.
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