BlockFi Partners with Coinbase for Client Crypto Withdrawals

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As a long-term crypto investor with several years of experience in this market, I’m closely following the recent developments between BlockFi and Coinbase. While it’s disheartening to see BlockFi facing liquidation, I appreciate the effort being made to help eligible clients access their crypto holdings through this partnership with Coinbase.

As a crypto investor, I’ve received some disappointing news about BlockFi, a cryptocurrency lending platform that is currently undergoing liquidation. Despite this challenging situation, BlockFi has announced it will collaborate with Coinbase to enable eligible clients to withdraw their crypto holdings as part of the bankruptcy proceedings. Unfortunately, the BlockFi web platform will no longer be accessible starting from May 2024. The precise date for the end of operations will be shared soon.

As a researcher, I would explain it this way: If you haven’t withdrawn your cryptocurrencies by April 28, 2024, or if you haven’t completed the identity verification process by May 10, 2024, your holdings will not be sold for cash as originally planned. Instead, they will be transferred to Coinbase on your behalf.

Clients have two options for cashing out their crypto through Coinbase. If they don’t already have an account, they should create a new one. For those who already have an account, they can utilize it instead. It is important to note that if clients fail to meet deadlines or lack a Coinbase account, they will receive payment in the form of cash.

Through their collaboration, BlockFi and Coinbase enable customers to still manage their cryptocurrency assets even during Coinbase’s downtime. BlockFi makes it clear that they bear no accountability for fraudulent activities by reminding users that BlockFi does not maintain partnerships with any other crypto platforms.

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2024-05-10 06:28