BlockFi partners with Coinbase to distribute assets recovered from FTX

BlockFi Shuts Down Website and Partners with Coinbase for Fund Distributions

In a significant move, crypto lender BlockFi, previously valued at $3 billion, has announced the closure of its website and collaboration with Coinbase for the distribution of funds recovered from bankrupt FTX. The decision to discontinue the web platform was shared in a blog post on May 9, with BlockFi stating that clients will no longer have access to their platform after a certain deadline in May.

Partnership with Coinbase for Continuity of Crypto Withdrawals

To ensure the distribution of debts among creditors and customers, BlockFi has teamed up with Coinbase for the continuity of crypto withdrawals for eligible clients. Instructions regarding withdrawals via Coinbase will be communicated to customers through their registered email accounts. The partnership aims to streamline the distribution process and provide a seamless experience for users.

Transition from Bankruptcy to Repayment

BlockFi’s journey through bankruptcy began in November, fueled by market volatility and exposure to FTX. Despite the challenges, the company successfully emerged from bankruptcy proceedings in 2023 and is now focused on repaying creditors. Customers are advised to download their important data from the platform before the shutdown date to ensure a smooth transition.

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