Binance US and Coinbase are among the bidders for the BlockFi credit card program and its associated customers, Blockworks has learned, while smaller fintech competitor Curve is also in the hunt for the approximately 87,500 BlockFi accounts.
Binance US and Coinbase are among the bidders for the BlockFi credit card program
11/13/2022
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BlockFi suspended withdrawals on Thursday November 12, saying that it was not able to operate as usual due to the “lack of clarity” over the evolving situation at FTX and Alameda Research, which have since instigated bankruptcy proceedings.
Multiple users on Twitter have noted that their BlockFi cards have stopped working over the past 24 hours.
BlockFi itself is believed to have a hole in the balance sheet approximating $800m and is not understood to be heavily involved in the negotiations to purchase its card assets.
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A source close to the matter told Blockworks that a deal is expected within 72 hours, and that most of the ongoing negotiations around acquisition of the BlockFi card assets are being conducted by the fintech servicing firm Deserve, which operates the BlockFi program. Evolve Bank & Trust of Florida is the issuing bank.
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