Crypto lender BlockFi says products are 'fully functional' in wake of Binance, FTX deal

Quick Take

  • BlockFi, which was set to potentially be acquired by FTX, says it is an “independent entity” following Binance’s announcement that it would acquire Sam Bankman-Fried’s crypto exchange.
  • The firm says its products are currently “fully functional.”

Crypto lending firm BlockFi says all of its products are "fully functional" following Binance's announcement that it plans to acquire crypto firm FTX. 

FTX, which had been navigating a precipitous drop of its native token FTT, announced its intension to acquire BlockFi following a credit crunch earlier this year that resulted in the bankruptcy of several lending firms in the crypto market. In the wake of the meltdown of Three Arrows Capital, BlockFi agreed to a potential acquisition deal with FTX, which extended a $400 million line of credit to the firm. 

BlockFi founder Flori Marquez said on Twitter that the company currently is an independent business entity from FTX and "will remain independent entity until at least 2023."

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"We are processing all client withdrawals in line with our Terms of Service. To date, BlockFi has aimed to deliver all client withdrawals faster than our Terms of Service," she said. "We run a pragmatic and diversified lending business and hold risk capital reserves to help protect against potential loan defaults."


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Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].

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