BlockFi Announces Coinbase As Distribution Partner Ahead of Platform Shutdown
- BlockFi has announced adopting Coinbase as a distribution partner.
- According to BlockFi, working with Coinbase will ensure the continuity of eligible crypto withdrawals.
- The BlockFi platform will shut down in May after initial distributions.
BlockFi, the now-bankrupt digital asset lender, has announced adopting Coinbase as a distribution partner. In a recent blog post, the former crypto platform noted that working with Coinbase will ensure the continuity of crypto withdrawals available to eligible BlockFi Interest Accounts (BIA), Retail Loans, and Private Clients.
According to the former digital asset lender, this new partnership will explore account emails on file to communicate with clients on further details, including instructions on creating accounts on Coinbase. It would also allow crypto-eligible clients who did not meet the April 28 withdrawal deadline to access their funds.
However, BlockFi clarified that users who do not create Coinbase accounts as instructed may have their funds liquidated and distributed to them in cash, according to the Plan. The one-time digital asset lender further noted that Coinbase would remain the viable option for the …
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