European Users Can Soon Earn up to 9% on BlockFi
The company expects its services to go live across Switzerland, the Netherlands, and Italy by Q1 2021.
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Centralized lending platform BlockFi is rolling out its services to users in Europe. Soon, Swiss, Dutch, and Italian citizens can begin earning up to 9% on their crypto.
BlockFi Enters Europe
Currently, the BlockFi Interest Account (BIA) offers interest rates as high as 9.3% APY, as shown in the interest rate chart.
The testing phase of this new initiative has already started in Italy.
The New York-based company will not offer services to residents of the United Kingdom. This is perhaps due to the ban on the sale of crypto derivatives to retail users, imposed by Great Britain’s financial watchdog, the Financial Conduct Authority (FCA).
The push into Europe comes on the heels of two large funding rounds in 2020. Thanks to a February raise from Valar Ventures and an October raise from Morgan Creek Digital, BlockFi has added $80 million to its war chest this year alone.