American crypto lending firm BlockFi has announced the relaunch of its US yield product, a product that will only be accessible to accredited investors.

Dubbed BlockFi Yield, the lending firm said it is offering this service based on an exemption from the registration requirements of the Securities Act of 1933, as amended.

The company said that the product will not be registered with the United States Securities and Exchange Commission (SEC), but that this does not mean that the product will be available to everyone. The company said the product will be available in Beta later this year for some customers, but will launch it for all eligible customers in early 2023.

“As we continue to work diligently to register with the SEC for a public offering of BlockFi Yield, we are delighted to share that US customers verified as accredited investors will soon be able to earn interest on digital assets on BlockFi,” said Flori Marquez, Founder and BlockFi COO. “A fundamental pillar of BlockFi is to be customer-centric and serve as a stabilizing force in the industry. We are proud to be one of the battle-tested organizations that still serves its customers, listens to their needs, and evolves as we continue to support your digital asset journey.

Rekindle performance product

The relaunch of the BlockFi Yield product is a testament to the fact that the lending team has learned from their past mistakes. The previous version of the product was aimed at a broader network of customers, prompting a series of investigations from the states as to whether or not the offer constituted an offer.

BlockFi was fined $100 million by the SEC in February, taking advantage of a glaring loophole in its offering. With the repackaged launch of the product, the firm said it will make verification of accredited investors a mandatory requirement to access the new product.

BlockFi was among the companies struggling due to the crypto winter, however the buyout agreement it has with the FTX Derivatives Exchange has helped it stay in business unlike its competitor Celsius Network.

Image Source: Shutterstock