BlockFi, a cryptocurrencycurrency lender facing liquidation, has now announced a cooperation with Coinbase to allow eligible clients to withdraw cryptocurrencycurrency as part of its bankruptcy proceedings. The BlockFi online platform will no longer be available after May 2024. The exact date of operation’s closure will be announced soon.
Clients can cash out their cryptocurrencycurrency with Coinbase by either creating a new Coinbase account (if they don’t already have one) or using their existing one. Clients that miss deadlines or do not have a Coinbase account will be compensated in cash.
BlockFi, Coinbase Partnership Eases Crypto Withdrawals
This program outlines a mechanism for consumers who did not withdraw their cryptocurrencycurrency by April 28th, 2024 or complete their identification verification by May 10th, 2024.Instead of having their cryptocurrencycurrency liquidated into cash, these clients will have their holdings transferred to coinbase.
Despite the platform’s termination, the BlockFi and Coinbase partnership allows clients to access their bitcoin holdings. BlockFi absolves itself of any liability for scams by merely informing consumers that it has no partnerships with any other cryptocurrencycurrency services.
Also read: Kathryn Haun Will Resign From The Coinbase Board Later This Year
