The plan administrator will continue to use Coinbase for upcoming distribution rounds, potentially involving recovered funds from FTX.
Struggling crypto lender BlockFi is winding down operations and has revealed its intention to shut down its web platform by May 2024. To assist clients with fund withdrawals, BlockFi will partner with Coinbase, a major cryptocurrency exchange, for fund distribution.
In a blog post, the company based in New Jersey stated that its collaboration with Coinbase will enable eligible BlockFi Interest Accounts (BIA), Retail Loans, and Private Clients to withdraw their cryptocurrency holdings.
In November 2022, BlockFi declared bankruptcy following FTX’s collapse and in 2023, BlockFi announced its closure and outlined plans to return customers’ crypto holdings, with a withdrawal request deadline set for April 28, 2024.