BlockFi paid $28 million in interest on Bitcoin and Ethereum deposits

In January, BlockFi paid interest on deposits totaling more than 400 bitcoins, over 4,500 Ethereum and about 5 million in stablecoins for a record $28 million. The data was shared by the CEO of the crypto lending platform, Zac Prince.

Another record breaking month of interest payments @BlockFi 🚀

Our clients earned over 28M in interest for January including >400 #btc, >4500 #ETH and >5M in stable coins

Also we increased Litecoin rates for Feb. Thank you!

— Zac Prince (@BlockFiZac) February 1, 2021

Founded in 2017 and operating in the cryptocurrency lending market, BlockFi provides loans in dollars to retail clients and financial institutions, the latter — also in cryptocurrency. Deposits on the lending platform appeared in March 2019.

According to Block Research, in 2020 BlockFi generated revenue of nearly $100 million with a gross margin of about 30%. The platform manages client assets of about $8 billion.

BlockFi previously filed with the U.S. Securities and Exchange Commission (SEC) an application to launch the Bitcoin Trust investment fund.

Earlier BlockFi acquired about 5% of the shares of the Grayscale Bitcoin Trust for clients

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