Bittime - Shocking news comes from crypto lending company BlockFi . Their web platform will close permanently at the end of May 2024. Instead, BlockFi is collaborating with Coinbase , a leading cryptocurrency exchange platform, to distribute its customers' assets.
This step was taken as part of the bankruptcy claims process that BlockFi is currently facing . It is hoped that with this scheme, BlockFi Interest Account (BIA), Retail Loan and Private Clients customers will still be able to access and withdraw their funds.
Customers who meet the Crypto Asset Criteria are prioritized
Customers who meet the crypto asset criteria will receive their funds in the form of native crypto assets provided they have an active and verified Coinbase account. This applies to crypto customers who have not withdrawn crypto assets from the BlockFi web platform before April 28 2024 or have not verified their identity by May 10 2024.
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For crypto customers who do not have or cannot create a Coinbase account, they will receive funds in the form of cash. BlockFi emphasizes that it does not form partnerships with other crypto companies for asset distribution and urges customers to be aware of the potential for fraud from irresponsible parties.
BlockFi collaboration with Coinbase
Both BlockFi and Coinbase will contact customers directly to provide further instructions regarding the withdrawal process.
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Coinbase's involvement in this scheme is an important step to ensure the smooth distribution of assets to BlockFi customers . Coinbase is known for its reputation and trusted platform in the world of cryptocurrency.
Also read: What is FTX? An Asset Exchange that Focuses on 4 Main Things
Asset Distribution from FTX
In addition, the plan administrator in BlockFi's bankruptcy case has the potential to carry out further distribution of funds through Coinbase, including funds related to assets recovered from FTX, a crypto exchange platform that also experienced bankruptcy.
BlockFi was initially predicted to receive nearly $875 million from FTX. However, only the first $250 million is prioritized, while the remaining funds depend on FTX's ability to meet its payment obligations to its customers in the event of its own bankruptcy.
BlockFi stated that without Coinbase's involvement, plan administrators could only make cash distributions instead of crypto asset distributions in the future.
BlockFi web Platform Shutdown and Bankruptcy
The closure of the BlockFi web platform was a step taken in response to the bankruptcy they experienced in November 2022. This bankruptcy was triggered by the "obscurity" surrounding the FTX bankruptcy that occurred a few weeks earlier.
Despite emerging from bankruptcy in October 2023 and starting making payments to users, BlockFi still has to complete their bankruptcy claims process.
The move to close the web platform and collaboration with Coinbase is expected to help BlockFi complete the bankruptcy claims process more quickly and efficiently, as well as ensure customers have safe and easy access to their assets.
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To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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