When BlockFi began offering interest-bearing accounts earlier this month, it seemed to have struck gold. Giving people a place to securely store their bitcoin or ether is paying off for the company and crypto holders. An impressive 10,000 people have signed up for accounts. Almost all of them, roughly 90%, are retail investors.

As the prices for cryptocurrencies have fallen considerably, enthusiasts have pumped more than $35 million in deposits into BlockFi accounts.

From Beta To A Hit

The company announced the private beta launch of the BlockFi Interest Account (BIA) in January. Account holders receive 6 percent annual interest paid monthly in cryptocurrency. Interest earned in BIA compounds monthly, delivering 6.2 percent APY.

BlockFi claims that since the program rolled out from beta on March 5, it has accrued more than $10 million in assets from retail, corporate and institutional crypto investors. Large accounts are pulling the average balance up to about $40,000.

Worth The Risks?

Even with the outpouring of support, some do not like the risks associated with the product, and safety is a key concern.

However, there are factors that allegedly mitigate certain risks. The company explains:

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