Crypto companies bid for BlockFi assets

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Blockfi

Per a Blockworks report, Binance and Curve may compete to acquire BlockFi, which has an active user base of 87,000 customers.

BlockFi, a leading financial platform that offers crypto rewards to its customers was exposed to FTX's bankruptcy.

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BlockFi has recently halted its withdrawals, citing a "lack of clarity" over the ongoing FTX fiasco, which has since fueled speculations that BlockFi might declare bankruptcy.

Binance and Curve bid for BlockFi

On November 11, BlockFi took to Twitter to announce that the platform is halting its withdrawals, citing a "lack of clarity" over the FTX debacle, which has since led investors to speculate that the platform may soon declare bankruptcy.

Soon after the announcement went live, multiple Twitter users reported that they were unable to make use of their BlockFi credit card, which has added more fuel to growing speculations.

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Launched in 2017, BlockFi is a digital asset lender, especially popular for its cryptocurrency credit card program. The company has an active consumer base of 87,000 customers, a factor that has tempted exchanges like Binance to take part in a bidding war.

Despite rumours, crypto exchange Coinbase denied its involvement with BlockFi, stating that the company is not engaged in any such negotiations.

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A spokesperson for Curve has revealed more details about the proposed acquisition, adding that the platform had commenced "outreach and negotiations" with banking as a service company Deserve on November 12.

Binance has yet to confirm its stance on the ongoing BlockFi deal.

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