The Offer
BlockFi is running a new user double interest promotion for the month of August 2020. The promotion is uncapped.
Promotion Code: 2x
The Fine Print
- BlockFi clients who signup with the correct promotional code or received an email invitation and fund their account during the promotion period (7/6/20 – 7/18/20 23:59:59 UTC) are eligible to receive a one time bonus payment identical to their August interest payout.
- This promo only applies to clients who have never funded a BlockFi account.
- This bonus only applies to clients’ August interest earnings and will be paid out on 9/15/20.
- Balance at the end of the promotional period must be held until 9/14/20 23:59:59 UTC to receive the bonus.
- After this promotional period, there will be no additional bonuses and this offer cannot be combined with other promotions or offers.
Our Verdict
Always important to remember that BlockFi is in the crypto space, so please consider your risk tolerance carefully.
BlockFi has also had a recent data breach, though in fairness they do seem to be prioritizing security with recent hires.
But if your risk tolerance and available capital are high enough this might be an interesting promotion as it appears to be uncapped [“Is there a limit to the size of the bonus?
No. The bonus will be identical to the interest you earn in August.“]
BlockFi currently offers an 8.6% APY (compounded monthly) on USD stable coins (like USDC). From that annual rate, I get a monthly rate of 0.6899%. Doubling that rate puts us at 1.3798%. So a $1,000 deposit should earn about $13.80 in interest for the month of August.
To get some perspective, BlockFi has run and is running other signup promotions:
Recently they offered, $100 in BTC with a $200+ deposit for first time depositors. That was around a 50% return for the month. In bonus money earned, to breakeven with that deal, you would have to invest around $14, 500 in this deal. [Investing over $14,500 in this deal would earn a larger bonus than you could have earned in that prior deal.] (The additional bonus rate is only 0.6899%, the base 0.6899% is earned with or without the bonus)
Similarly, BlockFi also runs a refer-a-friend deal, $10 in BTC with a $100+ deposit for first time depositors. That’s about a 10% return for the month. In bonus money earned, to breakeven with that deal, you would need to invest around $1,450 in this deal. [Investing over $1,450 in this deal would earn a larger bonus than the refer-a-friend deal.]
The term is also not exactly a month, but investment must be held until the middle of the next month.
[Hat tip to DomainDave]
Got my bonus interest yesterday. They paid out 1:1 what my August interest payment was, in USDC. I’m very pleased. If anything, they are *too* good. Also got a $240 trading bonus in USDC.
August statement just came out for me, with only 1x interest for the month. Did anybody get the bonus interest?
According to the terms they have until 9/15 to apply the bonus interest.
https://try.blockfi.com/july-trading-promo/
Don L
Evan, thanks for the heads up. I’ll take a look
Thanks for this. I was able to move a decent amount in by the 18th via wire transfers. Do you know if the 2x interest promotion is based on the balance you had on the 18th, or the actual balance you have when the August interest payment is calculated? If the latter, I will add more funds to maximize.
I was hoping the later (and that’s how I read the terms), but it looks like BlockFi is reading it as the former.
“Hi Lynney, 2x August interest applies to funds deposited during the promotion period (7/6/20 – 7/18/20 23:59:59 UTC).”
Per this Twitter comment:
https://twitter.com/lynney45/status/1281742430555996162
Meh, stick with Nexo.io, no data breach and better interest rates.
that sim swap was hopefully a wake up call. given their backers, and ipo in ’21, blockfi is still way more trustworthy.
BlockFi is 0.6% higher than Nexo (8.6% vs 8%) unless you have 10% or more NEXO tokens as part of your portfolio to get the 10% APY.
They also have deposit $500 get $50, which I’ll be doing as the capital I have isn’t large enough to earn more than $50 in interest in one month
Evan, thanks, you know I wasn’t aware of that promo. But I see it on their promotions page, do you know who the partner is? It’s not popping up for me with a Google search or I would add it above.
There’s a YouTuber I watch who has a referral code. I think the promotion is through affiliates of blockfi I guess?
https://youtu.be/FL1hBRYCsYk