BlockFi

Crypto lending giant BlockFi had exposure exceeding $1.2 billion to Sam Bankman-Fried’s collapsed FTX-Alameda empire. The figure exceeds the size of BlockFi’s previously stated exposure and amounts to nearly half of the company’s assets.  BlockFi’s Massive Exposure As reported by CNBC, documents detailing BlockFi’s exposure were meant to be redacted but were mistakenly published without the redactions on Tuesday.  The unredacted filing showed BlockFi held $415.9 million of assets linked to FTX, alongside $831.3 million in loans to Alameda, as…

The crypto borrowing and lending platform Nexo recently provided transparency into exactly how its business makes money. Its lengthy breakdown follows the collapse of numerous high-profile crypto lending firms that were overexposed to defunct projects and businesses.  Nexo’s Business Model As Nexo explained in a Twitter thread on Monday, Nexo’s primary business strategy is to facilitate collateralized credit. Its core services include crypto collateralized loans, interest-bearing crypto accounts, and spot, futures, and options trading.  Through its Earn product (crypto interest…

According to a recent press release, crypto lending firm BlockFi has filed for chapter 11 bankruptcy protection. The company predictably began to battle liquidity issues in the wake of FTX’s monumental crash. BlockFi Hopes to Restructure The lender submitted its application for bankruptcy protection in the United States Bankruptcy Court for the District of New Jersey alongside 8 affiliated companies. BlockFi's goal is reportedly to bring operations back to steady ground. Chapter 11 of the Bankruptcy Code typically allows for…

Per a recent publication from the Wall Street Journal, crypto lending platform BlockFi is set to file for bankruptcy. BlockFi's distressed tweets and recent reports credit the forthcoming move to FTX exchange's historic crash, noting “significant exposure” to the failed company.  BlockFi Halts Withdrawals In the days following the fall of Sam Bankman-Fried’s FTX Global, the crypto industry has continued to feel the aftershocks. FTX filed for Chapter 11 bankruptcy alongside 130 affiliated companies including sister firm Alameda research. According…

Zac Prince – CEO of crypto lending platform BlockFi – wants people to stop comparing his company to other embattled crypto firms. He claims there is a qualitative distinction between the magnitude of BlockFi’s troubles compared to Celsius or Voyager’s. In a tweet on Monday, Prince called on journalists and commentators to quit “putting BlockFi in the same bucket” as Celsius or Voyager. "Two months ago we looked the ‘same’,” he said. “They shut down and have impending losses for…

New Jersey-based crypto lending platform BlockFi has signed a term sheet with FTX to secure a $250 million revolving credit facility. Zac Prince, BlockFi’s CEO, tweeted this news earlier today, saying the non-binding agreement will offer BlockFi access to additional capital. BlockFi also announced in a subsequent press release. [embed]https://twitter.com/BlockFiZac/status/1539216594383028224[/embed] According to Prince, the $250 million would go toward strengthening BlockFi’s balance sheet and platform. He added that BlockFi intends for the proceeds of the credit facility to be subordinate…

As the crypto market and related businesses suffer, some of the industry's biggest players are now announcing job cuts. BlockFi – a popular crypto lending platform – has confirmed that it will be cutting its headcount by as much as 20%. Crypto Companies Start Downsizing In a Twitter thread posted by BlockFi’s CEO on Monday, Zac Prince clarified that the layoffs will not impact customer experience or funds. However, he expressed deep regret about the decision, saying it had not…

BlockFi– a leading cryptocurrency lending institution– has recently filed for a Bitcoin Futures ETF with the SEC. Their request comes amidst growing excitement that the US could approve a Bitcoin ETF by the end of October. Blockfi’s Bitcoin Strategy ETF BlockFi’s proposed ETF would be listed on the Cboe BZX exchange, according to the company’s filing today. It seeks to purchase cash-settled Bitcoin futures contracts on the CME to accumulate capital. It would also invest in short-term fixed-income securities, alongside…

Finding the right crypto-to-crypto exchange is vital in progressing your trading strategy. Crypto-to-crypto exchanges offer users significant advantages in coin selection and ease of onboarding. In addition, many of these platforms don't support fiat currency trading pairs. As such, they don't require you to undergo intrusive KYC protocols. Nowadays, there are more crypto-to-crypto options in the market. Part of this increase in selection can be attributed to the rising popularity of DEXs (decentralized exchanges). Here are five options that have proven their…