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BlockFi, a cryptocurrency lending platform press release .
The beta will be available to the first select US investors at the end of the year. The product will then be available to all US clients in early 2023, allowing investors to profit from their digital assets.
BlockFi Yield offers competitive interest rates on digital assets with no minimum investment requirements. However, to access the product, US investors must complete an investor qualification process.
Since launching BlockFi Yield, BlockFi has paid over $600 million in interest so far.
In February of this year, BlockFi stopped offering BlockFi Yield to US customers. This is because the US SEC has accused the company of failing to register its products. BlockFi was fined a total of $100 million by the SEC and state regulators, which BlockFi agreed to pay. BlockFi has also agreed to stop opening new US accounts.
The charges against BlockcFi came shortly after the fall of Voyager and Celsius, necessitating scrutiny of the crypto space.
BlockFi laid off about 20% of its workforce, slashed marketing expenses, cut executive salaries, and eliminated non-essential vendors in an effort to keep operations afloat as the crypto winter drags on. . BlockFi also secured $250 million from the FTX exchange, which is currently struggling with revolving credit, as reported in earlier news here.
In preparation for the product’s relaunch to U.S. customers, BlockFi founder and COO Flori Marquez said the cryptocurrency lender is working to register its product with the SEC before making it available to the public. .
