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.
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.