BlockFi Interest Account; You can finally get paid to HODL

2019 is definitely shaping up as the year that crypto goes mainstream. The BlockFi Interest Account (BIA( is a major step in that direction.

The premise is simple:

Deposit one or more BTC or 25 or more ETH to the BIA and you will earn 6.2 percent interest on an annualized basis. Interest is paid in monthly in crypto and all assets are held in trust by the company.

So what do they do with the deposited crypto?

Pretty much anything the want!

The stated goal is over-collateralized crypto-backed loans. This is a pretty straightforward way to provide liquidity to a hungry market. There is a real possibility of providing lower cost financing to developing nations (not being US dollar backed helps with this)

It should be noted that the terms and conditions do allow them to use the deposited crypto to create or back pretty much any form of derivative products.

As we stand at the precipice of the mainstream it begs the question, does having a mainstream US-based crypto banking facility undermine the spirit of Satoshi's vision. Does this very obvious centralization mark the end of an era?

Thus far, the market is voting YES. Deposits to the beta were fully subscribed and the BIA is showing tremendous traction.

Will the lure of getting interest pry your crypto from your cold (dead) wallets? Or will you stay strong and keep your coins and tokens where they belong, under your digital mattress?

Very grateful for your reading and support. Please upvote, follow @hongro888, and resteem.

DISCLAIMER: These are my opinions and not to be construed as investment advice. All investments in crypto carry substantial risk and should only be undertaken with money that you can absolutely afford to lose. Consult your investment adviser and/or significant other before making any investment in anything.