Tag Archives: BlockFi

By Hannah Lang, Niket Nishant and Manya Saini (Reuters) -Major cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy protection along with eight affiliates, it said on Monday, the latest crypto casualty to follow the spectacular collapse of the FTX exchange earlier this month. The filing in a New Jersey court comes as crypto prices plummet, with bitcoin down more than 70% from a 2021 peak. New Jersey-based BlockFi had links with FTX, which filed for protection in the United States… Source link

Crypto asset manager Ikigai is the latest firm to reveal it held a majority of its funds with FTX on Monday, while troubled lender BlockFi has engaged Berkeley Research Group. “We had a large majority of the hedge fund’s total assets on FTX. By the time we went to withdraw Monday [morning], we got very little out,” Ikigai Chief Investment Officer Travis Kling said over Twitter. “We’re now stuck alongside everyone else.” Kling added in his announcement that the hedge fund would also make… Source link

BlockFi is rolling out its first crypto interest product since it paid a $100 million settlement with the Securities and Exchange Commission in February and agreed to stop offering it to the U.S. public. Called BlockFi Yield, this crypto interest-bearing option is available to accredited investors in the U.S. through the Reg D [506(c)] exemption from the Securities Act of 1933. The new product comes during a year where crypto lending firms have faced major financial concern and scrutiny,… Source link

The Securities and Exchange Commission on Monday settled charges with BlockFi Lending over its failure to register its cryptocurrency interest account, bringing the largest ever penalty against a crypto firm. The SEC found BlockFi violated three areas of federal securities laws – including selling unregistered securities, operating as an unregistered investment company and making “material false and misleading statements” on its website that the loans were over collateralized. “This is… Source link

Cryptocurrency lending company BlockFi is partnering with investment manager Neuberger Berman to launch a series of crypto investment products, like exchange-traded funds (ETFs), which are taking the digital currency market by storm. Only weeks ago, BlockFi filed with the Securities and Exchange Commission to list its “BlockFi Bitcoin Strategy ETF,” which kicks off a 75-day regulatory approval process. As proposed, the fund will hold Bitcoin (BTC-USD) futures contracts, similar to ETFs… Source link

In July, major crypto lender BlockFi officially launched its credit card that lets customers earn cryptocurrency rewards based on spending. Today, the company said the number of BlockFi cardholders has grown to over 50,000 in the last three months. Unlike cryptocurrency debit cards offered by companies like BitPay and Coinbase – which let customers spend their crypto – the BlockFi credit card incentivizes users to spend U.S. dollars in order to earn crypto. BlockFi first announced its… Source link