• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: New Pro-Crypto Plan Unveiled By SEC And CFTC: Could Traditional Markets Go 24/7?
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: New Pro-Crypto Plan Unveiled By SEC And CFTC: Could Traditional Markets Go 24/7?
bitcoin ethereum

No ETF Decision Yet, But Gemini-Backed Bitcoin Interest Account Is Live

Christina Comben
by Christina Comben
6 years ago
·
Posted in News, Bitcoin, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Two high-interest Gemini-backed cryptocurrency accounts just came out — is this the beginning of the end for banks? 


A Bitcoin Bank Account

Even the greatest proponents of Bitcoin tend to admit that the number one cryptocurrency is unlikely to replace banks anytime soon. However, it certainly has fiat currency in its sights. With the launch of two high-interest Gemini-backed cryptocurrency accounts in Bitcoin (BTC) and Ethereum (ETH), maybe the banks should be worried after all.

BlockFi offering 6.2% on both BTC and ETH deposits changes the game. Will be interesting to see if/how centralized crypto deposit takers and lenders impact #DeFi volumes overtime. A thread:

— Ryan Todd (@ryanjtodd_) March 5, 2019

For those investors who don’t mind a bear market and who want to HODL their chosen cryptocurrency, a 6.2 percent interest rate may be appealing. Perhaps it’s too early for the estimated 92 percent of Americans who don’t own cryptocurrency, though.

Since the cryptocurrency market lost around $400 billion from its market cap in one year, high-interest rates on a dwindling investment may fail to appeal.

However, the Bitcoin and Ethereum interest accounts were launched yesterday via BlockFi crypto lending platform. In its private beta in January, the company attracted more than $10 million in deposits from institutional and retail investors alike — showing a clear demand for its services.  

BlockFi also raised a massive $58 million in several rounds of funding, offering loans starting from $2,000 against BTC, ETH, or Litecoin (LTC) with a 4.5 percent interest rate. The company also has plans to launch a cryptocurrency-backed credit card.

However, it’s the 6.2 percent interest on the Bitcoin and Ethereum accounts that will really capture attention. The average interest rate in U.S. bank accounts is less than 1 percent.

A war will be fought between the smart contracts & the crypto banks for your precious crypto assets

Smart contracts: Compound, Maker, Uniswap

Crypto banks: Blockfi, Coinbase, Binance

Best UX w/ highest risk-adjusted yield wins! https://t.co/GTjWjxa7DD

— RYAN SΞAN ADAMS – rsa.eth (@RyanSAdams) March 5, 2019

According to Forbes, BlockFi CEO Zac Prince enthused:

BlockFi is the first crypto challenger bank. Bitcoin and crypto lending, especially to retail investors, is a nascent market… It has though been pushed on by institutional interest over the last year or so.

Winklevoss

The Winklevoss Twins Company Will Act as Custodians

The Winklevoss twins’ Gemini trust company will act as account custodians. They may not have their Bitcoin ETF approved yet, but the brothers refuse to be left out of this growing market.

The high-interest accounts will be available not just in the US but to investors worldwide. Clients can withdraw their funds at any moment. There’s no lock-up period if you find HODLing in the crypto winter is getting too stressful.

After all, while the company insists the market is “nascent,” it’s also going through its longest bear market on record. That’s hardly going to be attractive for mom-and-pop investors right now.

The BlockFi CEO is confident that things will turn around, however, stating that “Bitcoin will end this year higher.”

While the bear market drags on, many investors are hopeful that institutional funds flowing into cryptocurrency are a good sign. 2019 will be the year that Bakkt and Nasdaq enter the market.

Many hope that significant investment from Wall Street will boost cryptocurrencies to their glory days of 2017. 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christina Comben

Christina Comben

Follow

Full Profile

Related Posts

Bitcoin Buying Frenzy Ahead As Eric Trump Predicts ‘Floodgates Are Opening’

Bitcoin Buying Frenzy Ahead As Eric Trump Predicts ‘Floodgates Are Opening’

1 hour ago
Bitcoin

Corporate Bitcoin Allocation Climbs As Companies Invest 22% Of Profits: Study

1 day ago
Bitcoin

Bitcoin Payments Now Accepted By Top UAE Developer For Real Estate

1 day ago
cours-or-nouveau-record-chute-btc

Record de l’or et chute du Bitcoin : que se passe-t-il ?

3 days ago
Metaplanet

Metaplanet Pushes Bitcoin Holdings Over $2 Billion With New Purchase

3 days ago
solana-analyse-tendance-leviers-techniques

Solana en route vers les 300 $ : analyse de la tendance des leviers techniques

4 days ago
Please login to join discussion

Premium Sponsors

Press Releases

  • etnminer

    How to Play to Earn Crypto in 2025: Discover 6 Most...

    4 hours ago
  • miner

    BAY Miner Cloud Mining App Launches with ETH and BTC Users...

    5 hours ago
  • CoinEx Research August 2025 Report: August Ascension: Dual...

    8 hours ago
  • MemeCore七日暴漲 211%引爆熱度 Snorter Bot...

    10 hours ago
  • miner

    Is Bitcoin Investment Still Profitable? Use BTC Cloud...

    10 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.