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Management news
BlockFi shuts down lending platform; partners with Coinbase to handle distribution of client funds
Decentralized Finance (DeFi)
May 9, 2024
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Decentralized Finance (DeFi)

Decentralized Finance (DeFi)

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May 9, 2024

BlockFi shuts down lending platform; partners with Coinbase to handle distribution of client funds

Partnerships
Management news

  • BlockFi, a crypto lending platform that declared bankruptcy in 2022, announced that it would shut down its web platform in May. Furthermore, the company has partnered with Coinbase to enable its clients to access and withdraw their funds.

  • The company stated that the partnership will enable “eligible BlockFi Interest Accounts (BIA), Retail Loans, and Private Clients” to withdraw funds using an existing or new Coinbase account.

  • Analyst QuickTake: This news comes over a month after BlockFi reached an "in principle" agreement with FTX and Alameda Research for a settlement of USD 874.5 million . It marks the end of a two-year saga, which saw the company declare bankruptcy in November 2022 due to insolvency caused by major instability in the crypto market.

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