The success of the referral program continued into April and we now have close to 7500 users. Whilst a lot of our new users are based in Eastern Europe, we are also seeing high value Earners/Borrowers from more developed regions, specifically making Bitcoin deposits to take advantage of our competitive BTC interest rates.
We expect that the number of new signups from the referral program to gradually taper off due to the new increased Earn limits and applying anti-fraud measures against those who engage in dishonest activities with regards to the referral program.
Cumulative deposits since the launch of retail Lendingblock have topped $11m in April.
As mentioned above, we’re seeing significant Bitcoin deposits and below is a more detailed breakdown of our AUM across activity type and cryptocurrency.
The administration of the referral program has monopolised our capacity, meaning that we had reduced bandwidth for outreach and marketing opportunities during April. However, we will be increasing focus on getting the word out in May and future months. This will include an imminent update to the homepage, more activity on social media, and SEO optimisation.