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Crypto lending platform BlockFi has announced a major reduction in interest rates for some of the cryptocurrencies held by clients outside the United States.
Source: The Block
BTC is down 1.65%, ETH down 4.45%, and ADA down 5.36%.
BlockFi revealed in a post released on May 26 said it will cut down interest rates starting June 1 — Solana to 5% from 10%, Avalanche to 5% from 10%, and Polygon to 5% from 11%.
BlockFi Head of Trading Joe Hickey said yields are expected to bounce back moving forward, as people are continuing to invest, and the yields are predicted to grow further in the second half of the year.
BlockFi saw assets under management increase by 1.711% in 2020, holding some $14.7 billion in its BlockFi Interest Account in March 2021. Growth has since slowed with lower investor borrowing during the period.
The platform earlier offered 6.25% to users holding over one Bitcoin but now offers just 1% to 3% on up to 0.35 Bitcoin and 0.1% more on larger amounts, as earlier reported.
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