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BlockFi Retail Account Balance Increased Fivefold in Past Year, CEO Says
Zac Prince said the average balance of a retail client has climbed from $10,000 to $50,000 in the last year.
Updated Sep 14, 2021, 1:10 p.m. Published Jun 11, 2021, 1:09 p.m.
The average balance held in an account on crypto lender BlockFi's platform rose five-fold in the past year, CEO Zac Prince said in an interview with Bloomberg.
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- The average balance of a retail client jumped from $10,000 to $50,000 in the period, Prince said in the interview 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," he said.
- BlockFi announced Thursday the launch of BlockFi Prime, a trading platform for institutional investors and high-net-worth clients.
Read more: BlockFi in Discussions to Raise ‘Several Hundred Million’ in Latest Round: Report
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