Wealthy individuals can in most cases, find qualified professionals to help them manage and grow their wealth. The crypto industry is still relatively young and rather volatile. This means that growing and managing wealth in this environment is extremely risky. BlockFi is one crypto wealth management and lending firm which currently manages over $53 million client crypto assets.
Yesterday, the company announced some upcoming policy changes that will take effect from May 1st. Starting next month, BlockFi will lower the minimum deposit required to earn interest. You now need to have at least 0.5 BTC in order to begin earning interest. Additionally, Ethereum deposits of up to 250 ETH will earn 6.2 annual percentage yield.
This is not the first time BlockFi has changed its policies. Back in March, the interest rate for the biggest crypto deposits were lowered. According to the company, balances of up to and 25 BTC would still earn the 6.2 annual percentage yield. Balances over that line would still earn a 2% rate from April 1st.
BlockFi is doing good work but that’s costly
The company is now also looking to add a fiat withdrawal fee of 0.0025 BTC and 0.0015 ETH this month. All withdrawals which were submitted prior to the change will remain free of charge.
According to BlockFi, these changes need to be put in place in order to make sure that BIA can support the maximum amount. Additionally, all the high-quality services aimed at the crypto consumers need to be kept and improved.
It’s refreshing to see that people willing to invest into crypto have some options. In time, companies that offer the same services as BlockFi are bound to increase in numbers.
As time passes, the crypto environment will begin to mature and stabilize and many experts will be able to accurately assist new investors. While “HODLing” will definitely remain as a reliable option, investors will have a whole variety of ways to increase their crypto wealth.
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