Custody startup Casa won’t provide financial products, but it’s now incentivizing those interested in crypto-backed loans and interest products to work with BlockFi. The custody service provider is partnering to offer membership benefits to customers, but keeping a wall between them and the lender.
Those who are Casa members and utilize BlockFi can claim an additional ~60 basis points worth of BlockFi's current annualized interest (10% more interest) on BTC deposited into a BlockFi account, as well as up to 50 basis points (0.50%) worth of reduced rates on BTC backed loans.
The partnership is essentially the same refer a friend program that BlockFi uses with other partners, with Casa just rebating the referral bonus back to its clients rather than pocketing it. There is also no data shared between the two companies, only the information that one is both a customer of Casa and BlockFi.
“There’s a very clear privacy wall between us,” he said.
Despite the incentive to utilize BlockFi, Jeremy Welch, founder of Casa, said this would not open the door for the custody service to deal in financial products.