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WebsCrypto—News—Market News—Weakening Institutional Demand Is Forcing Big Rate Cuts on High-Yield Cryptocurrency Interest-Bearing Accounts
Market News

Weakening Institutional Demand Is Forcing Big Rate Cuts on High-Yield Cryptocurrency Interest-Bearing Accounts

By WebsCryptoMay 21, 2022
Weakening Institutional Demand Is Forcing Big Rate Cuts on High-Yield Cryptocurrency Interest-Bearing Accounts
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Crypto lending platforms such as BlockFi and Celsius have experienced phenomenal growth since 2020, attracting millions of customers by offering yields ranging from a few percentage points to as high as 17% to individual investors. These platforms take deposits and lend them to institutional investors, returning most of the proceeds to customers.

Through this business, assets under management have increased by 1,711% in 2020 alone, according to BlockFi. Its rivals Nexo and Celsius have also experienced huge growth, with Celsius increasing assets under management by more than 1,900% in less than a year.

As of March 2021, BlockFi held $14.7 billion in assets through its BlockFi interest-bearing account, while Nexo and Celsius held over $12 billion and $20 billion, respectively. BlockFi previously offered 6.25% interest to users who held more than one bitcoin.

Right now, it offers 1% – 3% interest for users who hold 0.35 BTC and an additional 0.1% interest on larger amounts. Likewise, Celsius adjusted the return to 3.05% from 6.2%.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
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