BlockFi News
BlockFi News: A Quick Summary
BlockFi is a privately owned loan platform in New York City that was created in 2017. It provides a cryptocurrency exchange to purchase Bitcoin (BTC) and other cryptocurrencies. It also offers a crypto credit card (BlockFi credit card) and crypto-backed loans; therefore, this platform offers various services.
As stated in the bankruptcy filing, BlockFi Inc. has an outstanding debt to its top three creditors that exceed $1 billion, including an unpaid $30 million to the SEC as part of the previously announced $100 million settlement in February.
Why use Blockfi?
Its users can trade individual coins and many currency pairs. The process of exchanging one currency for the other, such as Bitcoin/Litecoin (BTC/LTC), is known as pairs trading.
The charge structure of the exchange is different. In replacement of transaction fees, the business charges spread costs of +/- 1 percent on every transaction.
Like traditional banking, BlockFi clients can manage bitcoin purchases with the recurring trade function of the exchange.
The BlockFi Wallet makes it simple to manage your digital currency on the platform; however, the BlockFi crypto rewards credit card assists in boosting your digital currency account. BlockFi also provides tax features, including tax reporting and financial planning.
A chatbot is constantly available for customer assistance; if it cannot answer a customer’s questions, a user can also submit a help message. Typically, customer support answers queries within a few minutes.
The help centre of BlockFi categorizes support subjects according to product lines, making it simple to locate specific solutions to inquiries. In addition, there is a search function for specified searches.
BlockFi Live is the name of the company’s YouTube channel, which features videos on a wide range of topics, from “general interest” crypto training to interviews and platform tutorials.
BlockFi News Today
Interest Accounts for U.S. Based Users
The BlockFi Interest Program is an excellent solution for users to generate passive income from their cryptocurrency holdings.
Users may earn anywhere from 0.2% to 7.5% interest depending on the cryptocurrency and the balance deposited. Due to “significant exposure” to FTX, most activities on the company’s platform had been suspended.
Sam Bankman-Fried, the former CEO and self-proclaimed “crypto king,” resigned, and the company declared bankruptcy. The slump has weakened confidence in the bitcoin business and attracted regulators’ attention.
The bankruptcy of FTX was described as “shocking” by BlockFi, a supplier of loans and other services backed by the crypto assets of borrowers. However, this service is restricted to existing customers in the United States.
BlockFi Latest News: BlockFi Interests Accounts were restricted to new U.S. users as of February 15, 2022. Users in the United States who had a BlockFi Interest Account before that date retained their accounts and would continue to receive interest, but they have yet to add new funds.
BlockFi Credit Card
The BlockFi Rewards Visa Card and the BlockFi Credit Card, both of which give 1.5% cash back in crypto, are available to members of the BlockFi platform.
Those who make eligible Bitcoin trades can also receive cash back. The cryptocurrency bonuses are added to your BlockFi wallet monthly.
There are no annual or international transaction fees, and the card’s variable APR is 14.99%-24.99%. New York residents are not eligible to apply, nor can they make balance transfers.
The BlockFi card could interest those who want to invest in cryptocurrency with a smaller amount of money by using their credit card rewards points
FTX had extended a rescue agreement to BlockFi earlier in 2022 as the value of cryptocurrencies dropped. In December 2022, however, FTX, a cryptocurrency exchange, faced problems as users rushed to withdraw assets because of financial concerns.
This credit card offers many temporary benefits to encourage new users. Theses are:
- Bitcoin rewards rate bonus
- Stablecoin bonus
- Trading bonus
- Refer-a-friend bonus
BlockFi files for Bankruptcy
BlockFi files for Bankruptcy after the collapse of FTX
The struggling cryptocurrency company BlockFi has filed for bankruptcy in the United States as the sector continues to suffer from the spectacular collapse of FTX.
BlockFi Bankrupt: Most activities on the company’s platform had already been suspended due to “substantial exposure” to FTX. BlockFi said the company would seek legal protection to reorganize, settle debts, and recover investment funds.
Soon after FTX’s bankruptcy, the lending arm of cryptocurrency brokerage Genesis banned redemptions and new loan organizations due to an “abnormal” quantity of withdrawal applications that exceeded its liquidity.
Written By: Allen Matshalaga
Allen is a professional forex trader, blogger, and online enthusiast who spends most of his time testing and reviewing legit ways of making money online and is determined to help others succeed.