BlockFi

Overview

BlockFi was a cryptocurrency lending platform founded in 2017 that offered interest-bearing accounts, loans, and other financial services related to digital assets. The company's main product was the BlockFi Interest Account (BIA), which allowed users to deposit cryptocurrencies like Bitcoin and Ethereum and earn interest, with rates reaching up to 9.5% on stablecoins at one point. BlockFi generated revenue by lending out customer deposits to institutional borrowers and investing in various crypto-related financial products. The company also offered a crypto-backed credit card and trading services.

In February 2022, BlockFi reached a USD 100 million settlement with the US Securities and Exchange Commission (SEC) and 32 states over allegations that its interest accounts were unregistered securities. As part of the settlement, BlockFi agreed to stop offering new BIAs to US customers and seek proper registration for its products. The company continued operations but faced challenges as the crypto market declined throughout 2022. In November 2022, following the collapse of crypto exchange FTX, BlockFi halted customer withdrawals and filed for Chapter 11 bankruptcy protection. At the time of its bankruptcy filing, BlockFi owed money to over 100,000 creditors and held USD 256.5 million in cash on hand.


Sources

Disclaimer: This company profile has been generated using data obtained through automated web searches and advanced generative AI technology. While we strive to ensure the accuracy and reliability of our sources, auto-generated information could be outdated or inaccurate and should be verified independently.
HQ location:
201 Montgomery Street Second Floor Suite 263 Jersey City NJ USA
Founded year:
2017
Employees:
501-1,000

Funding


Investors


No investor data is available

Funding data are powered by Crunchbase
arrow
menuarrow
Click here to learn more
Get a demo

By using this site, you agree to allow SPEEDA Edge and our partners to use cookies for analytics and personalization. Visit our privacy policy for more information about our data collection practices.