BlockFi clients earn record interest payments in February
Zac Prince, BlockFi’s CEO, said his company paid out 450 BTC, 5,000 ETH and $6 million in stablecoins last month. Crypto lending firm BlockFi posted another record-breaking month in February, paying out over $35 million in interest to its clients. The interest payments were comprised of 450 Bitcoin (BTC), 5,000 Ether (ETH) and $6 million in stablecoins, CEO Zac Prince said. Another record breaking month of interest payments for @BlockFi clients in Feb. Over 35M in interest paid including: >450 #btc >5,000 #eth >6M in stablecoins Thank you and let’s keep going! — Zac Prince....
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Following the U.S. Securities and Exchange Commission (SEC) charging the crypto lending platform Blockfi with failing to register its retail crypto lending product and fining the firm $100 million, the crypto lender Nexo has announced it will no longer allow U.S. citizens to earn interest on new savings wallet top-ups. However, Nexo customers from the U.S. will continue to earn interest on their current savings wallet balances held prior to the announcement.
Nexo ‘Reveals Big Savings News for US Customers’
Last week, the SEC cracked down on the crypto lending....
The record-breaking $100-million fine could mark the dawn of a new era for crypto lending platforms. It might seem unlikely that BlockFi founder and CEO Zac Prince would describe a prosecution that resulted in a $100-million fine for his company as “a win not only for BlockFi but for the broader cryptocurrency industry,” but that is indeed what he said. And, he might be right, although it remains to be seen for now. The settlementFounded in 2017, BlockFi is a New Jersey-based crypto financial institution with a team of 850 and one million clients worldwide. Its popular BlockFi Interest....
Although it admitted to “significant exposure,” the crypto lender assured clients that it has “the necessary liquidity to explore all options.” Crypto lender BlockFi issued an official notice to its clients on Nov. 14 denying rumors that the majority of its assets were on FTX prior to the exchange’s collapse. According to an update shared by BlockFi, although a majority of its assets were not on FTX, it still has “significant exposure to FTX and associated corporate entities that encompasses obligations owed to us by Alameda, assets held at FTX.com, and undrawn amounts from our credit line....
The crypto lender Blockfi is now dealing with regulators from five states as Kentucky has joined the fray against the firm’s Blockfi Interest Accounts (BIAs). On July 30, Blockfi shared a statement on Twitter that explained the Kentucky Department of Financial Institutions (DFI) has sent the company an order that aims to ban new BIA accounts. Blockfi Now Has Problems With Regulators From 5 States The New York City-based cryptocurrency finance company Blockfi was founded in 2017 by co-founders Zac Prince and Lori Marquez. The firm is a cryptocurrency lending firm that offers....
Just under 100 BlockFi users are reported to be affected, with some allegedly receiving as many as 700 Bitcoin due to a mishandled promotional offer. Crypto promotional schemes are old hat in the industry, with many businesses trying to secure customer loyalty through a range of perks and mini handouts.For BlockFi, however, its latest promotional offer has gone topsy turvy, after the platform mistakenly paid out oversized rewards in Bitcoin (BTC). One BlockFi user allegedly received a staggering 701.4 BTC on May 14.Under the terms of the original giveaway, BlockFi had offered Bitcoin....