A Strategic Move for Continuity

BlockFi's strategic collaboration with Coinbase is a significant move that ensures the security and continuity of eligible clients' access to their crypto assets, including those in the BlockFi Interest Account (BIA), Retail Loan, and Private Clients.

With the imminent closure of the BlockFi web platform, our partnership with Coinbase ensures a smooth transition for user withdrawals, providing a reliable and secure channel for our clients.

BlockFi Ensures Client Access Eligible clients who missed the initial withdrawal deadlines have a lifeline through Coinbase.

By creating or using an existing approved Coinbase account, our eligible clients can withdraw their crypto without the need to convert it to cash. This flexibility empowers you to maintain your crypto holdings according to your preferences, rather than being forced to liquidate them.

"BlockFi is pleased to announce that we have engaged Coinbase as our distribution partner to ensure continuity of crypto withdrawals available to our eligible BlockFi Interest Account (BIA), Retail Loan, and Private Clients," the firm stated.

The Path to Recovery

Our partnership with Coinbase extends to future distributions, including potential recoveries from FTX, demonstrating our commitment to our clients' financial recovery. This strategic move is particularly significant in light of BlockFi's pause on customer withdrawals in November 2022 and subsequent filing for Chapter 11 bankruptcy protection.

The bankruptcy court's approval of BlockFi's Chapter 11 plan to pay back its creditors in September 2023 is a pivotal moment in its recovery journey.

The Bigger Picture

The centralized lending sector faced significant challenges in 2022, with several firms collapsing.

BlockFi's move to partner with Coinbase aims to streamline the withdrawal process for its clients and signifies a step towards stability in a tumultuous market. This partnership is a testament to the resilience and adaptability of the crypto lending space.