Crypto Interest Payment Flex allows BIA clients to choose the currency their crypto interest is paid in. For example, if you currently have a BTC crypto interest account with BlockFi, you can choose to receive crypto interest in any of the offered currencies.
This means you can hold multiple assets in your BIA and get all of your crypto interest paid out in the currency of your choosing at the crypto interest rate of the currency you hold. As an example, if you hold BTC, ETH, and USDC, you can elect to have all crypto interest paid in BTC! This allows you to easily diversify your assets without having to buy additional crypto.
At the end of each month, our system checks if a client has opted into this feature. If yes, all accrued crypto interest will be paid in the selected currency. Our system will perform this calculation based on market prices at the time of the crypto interest payment. The total amount of crypto interest accrued for the month is subject to a ~1% administration fee per our Terms of Service. For example, if you earn $100 in crypto interest for the month, a ~1% administration fee (totaling about $1) will be deducted from your monthly crypto interest payment. The 1% administration fee does not reduce your crypto interest rates. All accrued crypto interest will then be displayed as a single payment transaction within the BlockFi dashboard. For more information please review our FAQs here.
To adjust your Interest Flex preferences, go to your Profile Settings > Interest and select how you would like to have interest paid, whether in-kind or in a specific crypto asset.
***Please note clients must enable/disable 'Flex Interest' 72 hours prior to end of month for the change to take place***
*Product availability will vary depending on your jurisdiction.