From May 1st BlockFi has announced a major review of its interest rates – both up and down.
In an announcement to account holders in late April, BlockFi says its deposit interest rates for BlockFi Interest Account (BIA) holders will be decreasing for stablecoins and several major cryptocurrencies including Bitcoin and Ethereum.
At the same time, interest rates for popular altcoins Chainlink (LINK), Cardano (ADA) and Solana (SOL) will be increased. Rates for Litecoin (LTC) will also increase, while rates for No.1 stablecoin Tether (USDT) will be unchanged.
None of these rates will be available to new US-based clients, however, as BlockFi had to withdraw its BIA product there to settle SEC charges related to the Securities Act in February.
BlockFi says it sets rates for the BlockFi Interest Account by “balancing prudent risk management principles amid shifting market conditions” and rates are primarily driven by the “demand of institutional investors” for borrowing these assets.
The new rates from May 1st are as follows;