The start-up, based in Jersey City not far from New York, is a so-called crypto lender. The bankruptcy of crypto exchange FTX now also means the end of BlockFi.
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New York The spectacular bankruptcy of the FTX crypto exchange in mid-November has made more of an impact: on Monday, crypto company Blockfi filed for bankruptcy in the USA. The start-up, based in Jersey City not far from New York, is a so-called crypto lender. Users can deposit digital currencies there as collateral and borrow other cryptocurrencies in return.
Back in June, Blockfi was rescued by FTX following the collapse of stablecoin Terra. FTX CEO Sam Bankman-Fried later granted Blockfi a $400 million line of credit with an option to fully acquire the startup. But the bankruptcy of FTX now also means the end of BlockFi.
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