As stated by BlockFi, "As the window to request a withdrawal the initial round of eligible estate funds using the BlockFi platform has closed, BlockFi will be working closely with Coinbase..."
Defunct crypto lender BlockFi has decided to shut down its web platform and has nominated Coinbase as its distribution partner.
In a recent blog post, BlockFi disclosed the impending shutdown of its web platform in May 2024. Besides requesting users to download their transaction histories, tax forms, and other essential data beforehand, the lender revealed that it has partnered with Coinbase to facilitate easy access to their crypto holdings.
As such, users with BlockFi Interest Accounts (BIA) and retail loans will receive instructions via emails on how to access their crypto holdings on Coinbase. For crypto-eligible clients who missed the withdrawal deadline, BlockFi will provide in-kind distributions accessible through open and approved Coinbase accounts. The lender also highlighted that failure to create the accounts could lead to the conversion of assets into cash.
BlockFi emphasized that all official communications will occur through email, social media, and authorized partners like Coinbase and Kroll. The firm stressed that it will not engage with other providers for crypto distributions, cautioning clients against potential scam attempts.
