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Cryptoknowmics 2022-06-25 07:48:34

After FTX’s Bailout, BlockFi Raised Rates Three Days Later

Three days after receiving a $250 million revolving line of credit from FTX, BlockFi is increasing the yield on its lending products for Bitcoin, Ethereum, and Stablecoins. On Friday, July 1, 2022, we’re increasing our rates for BTC, ETH, USDC, GUSD, PAX, BUSD, and USDT** in the BlockFi Interest Account (BIA).* BTC rates: — BlockFi (@BlockFi) June 24, 2022 Effective Risk Management’s Influence The interest rates for BlockFi’s loan products will be increasing soon. The cryptocurrency lending firm will be raising its rates across all levels for Bitcoin, Ethereum, and other stablecoins like USDC, USDT, GUSD, PAX, and BUSD, according to its official Twitter account. The Bitcoin yield will rise from 0.5 to 1.9 percent, Ethereum from 0.5 to 1.75 percent, and stablecoins from 0.5 to 3 percent. As a result, Bitcoin and Ethereum rates are between 2 and 3.5 percent, and stablecoins are between 6 and 8.75 percent. Price Hike in July Beginning in July, the price hike will take effect. Additionally, the company will reduce withdrawal costs for Bitcoin, Ethereum, and stablecoins by $1, $2, and $25, respectively. On the other side, the company will discontinue its “one free withdrawal per month” policy altogether. Notably, the report did not mention the $250 million loans the business received from the cryptocurrency exchange FTX three days prior. The company’s balance sheet and platform strength have been “bolster...

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