blockfi.com/earn-bitcoin-i…
This *is not a deposit*. It is a loan to a counterparty with full counterparty risk, *in crypto.* The comparable is not a savings account at Chase (takes losses never), it is probably Chase preferred stock.
Deposits at a crypto counterparty may theoretically be senior to equity but this is, ahem, not something that the cryptocurrency economy routinely delivers on.
(“Rails” in this context is a bit of financial industry jargon/shibboleth referring to a system which moves money, inclusive of technical, legal, and relationship parts of that system.)