Crypto lending platform, BlockFi has stated that all of its products are fully functional regardless of Binance’s move to acquire FTX.
The founder and COO of BlockFi, Flori Marquez, made this known in a tweet.
Before the recent crisis faced by FTX, the crypto exchange had previously made known its intention to acquire BlockFi. This move is due to the credit crunch that happened earlier in the year, which resulted in the bankruptcy of various lending firms.
Following the insolvency of Three Arrow Capitals, BlockFi gave in to a potential acquisition by FTX, which offered a $400 million line of credit to the lending firm.
However, with the ongoing FTX liquidity crisis, BlockFi has decided to run as an independent entity and will remain so until at least July 2023.
The lending platform will process client withdrawals per its terms of service and aims to continue the delivery of clients' withdrawals at a faster rate. BlockFi will also operate its business in line with its risk management framework.
Finally, Flori noted that the firm remains committed to transparency and serving its clients. As such, they are reachable through their usual channels such as chatbot, ticket, email, and phone.
