Today I want to share with you my experience with BlockFi "Wealth Management" platform.
If you never heard about Blockfi, then I suggest you watch this video interview with BlockFi CEO, Zac Prince (@BlockFiZac):
But in plain terms it is basically a savings account for your crypto.
You put you hard earned crypto coins into your custodian wallet and automatically get an interested payments made back to your account on a monthly base.
The rates varies depending on the coin being deposited and you can choose if you want to be paid in same currency that you deposited or to choose to get all your interest to be paid in the currency of your choice.
Currently they allow deposits of Bitcoin, Ethereum and several stable coins (GUSD, PAX, USDC).
And currently offer up to 8.6% Annually on Your Crypto without any minimal balance to start earning interest.
The reason why i decided you check out BlockFi in the first place was the fact that i was looking for a safe way to steadily increase my crypto holidngs without too much of the attached risks with all the trading and staking, and without me needing to do anything about it.
I wanted to lock some of my crypto and forget about it for a few month.
So my initial deposit on March 2020 was 0.13043862 BTC, 839.85$ at the time...
Then about three weeks later, on April 2020 I decided to throw in 1.00192784 ETH that I had lying around in my metamask.
By then my BTC holdings were already at $1,134.81, but hold your horses....
The interest i accrued during that time period was only 0.00062430 BTC or $5.81 at that time..
The rest was just a normal BTC appreciation...that some volatile industry, isnt it :)
I then left it all to be, and didnt had a chance to check it during the next few month's, only about few days ago when i finally got a chance to actually open one of the update mails i got from them, that i had a chance to see what happened during those 5 month and my initial 839$ of BTC and about 208$ of ETH.
It is always exciting to look at some old (ish) stash, especially when it tends to grow when left unattended.
So after just over 5 month in BlockFi platform, my total deposit value at the end of July 2020 was at 0.13299615 BTC, 0.00255753 BTC more then i deposited, valued just a bit short of 30$. My ETH earnings grew to 1.01307517 ETH, 0.01114733 ETH more then i initially deposited.
The funny part is that my total deposit was now worth just over 1856 USD, not bad for a 800$ initial investment.
A few more days pass and my total number are:
Its not much, but considering the fact that it was without any effort and very low risk of loosing my hard earned coins (BlockFi is backed by Gemini) i am generally happy with the results.
If you sign up via my link we both get extra 10$ to our deposits :
How it Works
Starting May 1st, for every new friend that signs up using your unique referral code and deposits $100+ worth of crypto to their BlockFi Interest Account, you and your friend will each earn a one time bonus of $10 in BTC. Your friend will need to hold the qualifying balance until the following interest payment day to qualify you both for the bonus.