BlockFi Retail Account Balance Increased Five-Fold in Past Year, CEO Says

BlockFi Retail Account Balance Increased Five-Fold in Past Year, CEO Says

The average balance held in an account on crypto lender BlockFi’s platform increased five-fold in the past year, CEO Zac Prince said in an interview with Bloomberg.

  • The average balance of a retail client rose from $10,000 to $50,000 in the period, Prince said in an interview with Bloomberg Thursday.
  • "Part of that is from folks getting comfortable with our products and depositing more funds, but a lot of it is from the performance of the assets," he said, responding to a question about crypto's volatility.
  • Prince welcomed the possibility of more robust regulation of the crypto industry: "Regulatory clarity enables companies like BlockFi to continue innovating, and enables consumers and investors to participate in this sector with the utmost confidence."
  • BlockFi announced Thursday the launch of BlockFi Prime, a trading platform for institutional investors and high-net-worth clients.
  • Source