BlockFi announces partnership with Coinbase to distribute digital assets, platform to close soon

Cryptocurrency lending platform BlockFi has announced a partnership with Coinbase. Coinbase will serve as a distribution partner for BlockFi to ensure eligible BlockFi Interest Accounts (BIAs), retail loans, and private clients can continue to withdraw their cryptocurrency assets. BlockFi stated that for customers who fail to withdraw their digital assets from the BlockFi platform within a specified time frame, these assets will be made available for withdrawal through a Coinbase account. If the customer does not have an approved Coinbase account, their entitled digital assets may be liquidated for cash. Additionally, the BlockFi network platform will be shut down in May 2024, with the exact date yet to be determined. BlockFi advises customers to download their transaction history, tax forms, and other important data before the closing date. BlockFi emphasized that it will not partner with any other provider for digital asset distribution and warns customers to be wary of fraudulent attempts by third-party criminals. Customer communication will only be conducted through official email channels, social media @BlockFi, and bankruptcy administrator Kroll.