The start-up, based in Jersey City not far from New York, is a so-called crypto lender. The bankruptcy of crypto exchange FTX now also means the end of BlockFi.
(Photo: Lightrocket/Getty Images)
New York The spectacular bankruptcy of the FTX crypto exchange in mid-November has made more of an impact: on Monday, crypto company Blockfi filed for bankruptcy in the USA. 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, Blockfi was rescued by FTX following the collapse of stablecoin Terra. FTX CEO Sam Bankman-Fried later granted Blockfi a $400 million line of credit with an option to fully acquire the startup. But the bankruptcy of FTX now also means the end of BlockFi.
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Connor Beaumont is a contributor to CA News Ottawa, covering news, politics, business, technology, sport, entertainment, and lifestyle. He focuses on clear, accurate reporting and useful information that helps readers stay informed about current affairs and developments that shape their communities. His work highlights relevant stories, emerging trends, and important issues, presenting them in a balanced, accessible, and reader-friendly manner.
