BlockFi, a Crypto lender facing liquidation, just announced it will join forces with Coinbase via a partnership to allow for crypto withdrawal of eligible clients as part of its bankruptcy proceeding. BlockFi web platform will no longer be available anymore from May 2024. The exact date of operation ending will be communicated soon.
This program lays out a process for users who didn’t withdraw their crypto by 28th April, 2024 or didn’t complete identity verification by 10th May, 2024.Instead of having their crypto liquidated to cash, these clients will have their holdings transferred to Coinbase.
For clients to cash-out their crypto with Coinbase, they can either create a new Coinbase account if they do not have one, or they can use their existing one instead. If clients miss deadlines or don’t have a Coinbase account set up, they will be paid in cash instead.
The partnership between BlockFi and Coinbase enables clients to access their crypto holdings despite the platform shutdown. BlockFi absolves itself of any responsibility over scams by simply pointing out to the users that BlockFi is not having partnership with any other crypto platforms.
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