Interview Zac Prince, CEO & Co-founder of BlockFi for Enterprise Blockchain 2021 Report by LeadBlock Partners
BlockFi Prime was introduced in 2021 for institutional and sophisticated investors. Could you tell us more about this offering?
“BlockFi Prime is an integrated platform where institutional investors can easily access, trade, and borrow digital assets. This tool provides real-time streaming quotes and the ability to trade up to a settlement limit via 24-hour settlement cycle, both of which are critical for the “never off” crypto market.
Due to the overwhelmingly positive response of BlockFi Prime since its launch in June, we’re also looking to broaden this offering by adding tools focused on margin trading, derivatives and automated margin lending. BlockFi was built to serve institutions, so our Prime offering has been a natural addition to our suite of products and services.”
As we move into the ‘institutionalisation’ phase of crypto, how do you see the competitive landscape evolving, and what key role/positioning do you foresee for BlockFi?
“Our priority is to make crypto equally as accessible to institutional investors as it is retail investors. A large majority of our institutional team comes from the world of traditional finance and were enthralled by the opportunity that blockchain could have on these storied organizations.
At the end of the day, with crypto becoming a more mature asset class, ther heightened demand for exposure – either passive or active – is increasing exponentially and we must provide a variety of options for consumers to become educated and invested in the sector.”
As the CEO of a fast-growing company, what excites you the most for the next 2-3 years?
“I am excited to see where next-generation payments methods take the world. They are already driving growth and user adoption in the digital payments sector with 45% of consumers planning to use crypto payments in the next 1-2 years, according to a survey conducted by Capgemini. Evenmore, we have seen mainstream payments companies like Visa partnering with crypto native companies to offer new products and features to consumers – such as Visa’s partnerships with BlockFi to launch the world’s first ever crypto rewards credit card. In just four months since its launch, there are over 60,000 clients using the BlockFi Card to earn crypto back on their everyday spending.
On average, BlockFi cardholders are tracking to spend around $30,000 annually, which is 450% the average of $5,000 per year on all American Express, Mastercard, and Visa in the US. Collectively, our cardholders have earned more than 171 BTC, or nearly one full block on the blockchain.
The question, however, of how much crypto payments sector will surge is dependent on a handful of factors, including regulatory clarity at the US state and federal level around crypto financial products, as well as global adoption of crypto as more folks from the around the world look for viable investment opportunities to combat hyperinflation and economic uncertainty.”