PSA: Are You Missing Interest Payments from a BlockFi Referral?

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PSA: Are You Missing Interest Payments from a BlockFi Referral?

BlockFi is new, and as with any new product, sometimes there are hiccups along the way. Well, if you're experiencing what we have experienced, we'll save you time by giving you the solution. 

BlockFi made big headlines in March 2019 when they introduced the first major interest account for your crypto assets. The BlockFi Interest Account (BIA) drew lots of interest from the crypto community by offering 6.2% annual interest on Bitcoin or Ether held in your account to 47 U.S. states, and many countries worldwide. BlockFi also offers collateral loans against your holdings, meaning you can obtain fiat currency, without having to part ways with your crypto. BlockFi has structured the interest on their interest accounts to use compounding interest, which has not been offered anywhere else for crypto. Clients will receive monthly interest payouts to their account in BTC or ETH, respectively. In addition to the high interest rate, BlockFi allows users a referral incentive. 

BlockFi's 'refer a friend program' gives clients a referral link, from which anyone setting up a new account will enable incentives for the owner of that referral code. Once that new users sets up and funds an interest account, the account represented by the referral code will receive 10% of the interest generated by the new account holder, which added directly to the referring account. This incentive payout will continue as long as the new client keeps their account active. For new clients taking out a loan with BlockFi, the referring account will receive either $50, or 10 basis points of the loan amount, which ever happens to be the greater amount. 

However, some users pointed out that they had not received their referral incentives from referring new users. So here's what to do if this is something you have been experiencing. 

  1. Draft and email to support@blockfi.com (be sure to send from the email address associated with the account). 
  2. In the body of the email, write "Please add the referral code (an 8 digit code) to my account" 

BlockFi asserts that the referring account will retroactively be paid any incentives accrued from the time the new (referred) account was created and funded. We encourage you to try this if you've experienced any similar issues.

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