Giant lending platform BlockFi announces website closure! User transferred funds to this cryptocurrency exchange!
BlockFi, a leading centralized lending platform, announced plans to shut down its web platform this month and called for alternative measures to be implemented to ensure uninterrupted access to user funds.
BlockFi Announces Closure of Web Platform, Facilitating Cryptocurrency Withdrawals via Coinbase
To facilitate a smooth transition for customers, BlockFi announced a partnership with cryptocurrency exchange Coinbase to provide eligible users with access to cryptocurrency withdrawals through the Coinbase platform.
The decision to work with Coinbase as a distribution partner comes as BlockFi prepares to shut down its web platform, which serves as a gateway for users to manage their crypto assets.
With the upcoming closure, BlockFi aims to provide continuity of cryptocurrency withdrawals for its customers, especially those holding BlockFi Interest Accounts (BIAs), personal loans, and private client accounts.
“BlockFi is pleased to announce that it has appointed Coinbase as its distribution partner to ensure continuity of cryptocurrency withdrawals for eligible BIAs (BlockFi Interest Accounts), personal loans and individual customers,” the company said in a recent announcement. Yes.
According to BlockFi, customers who missed the April 28 withdrawal deadline and May 10 verification deadline still have the opportunity to access their assets through their verified Coinbase account.
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This strategic collaboration allows affected customers to maintain control of their cryptocurrency assets without having to immediately convert them to cash.
However, for customers who are eligible to withdraw cryptocurrency but are unable to meet the specified deadline and do not have a verified Coinbase account, the assets will be converted to cash and distributed as specified in the plan.
The decision to shut down its web platform follows a series of challenges faced by BlockFi, including the suspension of customer withdrawals in November 2022 and the subsequent filing for Chapter 11 bankruptcy protection.
*This article is not investment advice.
Keep reading: Giant lending platform BlockFi announces website closure! User transferred funds to this cryptocurrency exchange!
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