BlockFi launches savings accounts for accredited investors

The crypto-lending platform BlockFi has resumed offering savings-account services to U.S. residents Yield.

We’ve been busy at @BlockFi over the past few months and have some ** big ** news to share! Today we announced that certain U.S. clients who are verified as accredited investors will get access to BlockFi Yield by the end of the year. https://t.co/b3qBtY28iX pic.twitter.com/a5HFpFUaI3

— Flori Marquez (@FounderFlori) November 7, 2022

The service covers 15 different crypto assets and is available to accredited investors. Company representatives called the yields ‘competitive’.

“Any offers or sales of BlockFi Yield to accredited investors will be made in accordance with the registration-exemption under the Securities Act of 1933,” the company explained.

Earlier this year, authorities obliged BlockFi to pay fines of $100 million. Under the agreement, the company suspended providing U.S. residents with services related to BIA accounts.

In June, the company announced a 20% staff reduction. At the same time, according to media reports, investors lowered the valuation of BlockFi from $5 billion to $1 billion.

In July, the U.S. arm of the Bitcoin exchange FTX entered into a $400 million loan deal with BlockFi, with an option to buy the platform for $240 million.

Read ForkLog’s bitcoin news on our Telegram — cryptocurrency news, prices and analysis.