The start-up based in Jersey City not far from New York is a so-called crypto lender. The bankruptcy of the crypto exchange FTX now also means the end for Blockfi.
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new York The spectacular bankruptcy of the FTX crypto exchange in mid-November caused further domino effects. Crypto firm Blockfi filed for bankruptcy in the United States on Monday. The start-up based in Jersey City not far from New York is a so-called crypto lender. Users can deposit digital currencies there as collateral and borrow other cryptocurrencies in return.
Back in June, after the stablecoin Terra collapsed, Blockfi was rescued by FTX. FTX CEO Sam Bankman-Fried extended Blockfi a $400 million line of credit with an option to later acquire the startup entirely. But the bankruptcy of FTX now also means the end for Blockfi.
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