Interest Payment Flex allows BIA clients to choose the currency their interest is paid in. For example, if you currently have a BTC interest account with BlockFi, you can choose to receive interest in any of the offered currencies.
This means you can hold multiple assets in your BIA and get all of your interest paid out in the currency of your choosing at the interest rate of the currency you hold. As an example, if you hold BTC, ETH, and USDC, you can elect to have all 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 interest will be paid in the selected currency. Our system will perform this calculation based on market prices at the time of the interest payment. The total amount of interest accrued for the month is subject to a ~1% administration fee per our Terms of Service. For example, if you earn $100 in interest for the month, a ~1% administration fee (totaling about $1) will be deducted from your monthly interest payment. The 1% administration fee does not reduce your crypto interest rates. All accrued interest will then be displayed as a single payment transaction within the BlockFi dashboard. For more information please review our FAQs here.
***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.