What features could be added to BlockFi's interest accounts to make them more competitive?

Introduction

To make BlockFi's interest accounts more competitive, we need to identify and implement features that address user pain points, enhance the overall value proposition, and differentiate the product in the crowded cryptocurrency market. I'll approach this challenge by first clarifying the context, then analyzing user segments and pain points, generating solutions, and finally prioritizing and measuring the impact of these improvements.

Step 1

Clarifying Questions (5 mins)

• Looking at BlockFi's position in the crypto lending space, I'm curious about the current market dynamics. Could you share insights on how BlockFi's interest rates compare to major competitors like Celsius, Nexo, or traditional banks?

Why it matters: Determines if we need to focus on rate competitiveness or other differentiating factors. Expected answer: BlockFi's rates are competitive but not always the highest. Impact on approach: Would focus on additional value-add features beyond just interest rates.

• Considering the evolving regulatory landscape for crypto lending, I'm wondering about BlockFi's current regulatory status. Can you provide an update on any recent regulatory challenges or changes that might impact our feature development?

Why it matters: Regulatory constraints could limit certain feature options. Expected answer: BlockFi has faced some regulatory scrutiny but is working to comply with evolving regulations. Impact on approach: Would prioritize features that enhance compliance and transparency.

• Given the volatility in the crypto market, I'm interested in understanding user behavior during market downturns. Do we have data on how user deposits and withdrawals correlate with major market movements?

Why it matters: Helps identify features that could improve user retention during market volatility. Expected answer: Users tend to withdraw more during significant market dips. Impact on approach: Would focus on features that encourage holding and provide stability during market fluctuations.

• Considering BlockFi's product ecosystem, I'm curious about cross-selling opportunities. What percentage of interest account holders also use BlockFi's other products like the crypto-backed loans or credit card?

Why it matters: Identifies potential for integrated features that leverage BlockFi's full product suite. Expected answer: Moderate cross-product adoption, with room for improvement. Impact on approach: Would explore features that create synergies between different BlockFi products.