Coinspeaker
BlockFi Shuts Down Web Platform, Partners Coinbase for Customer Payout

The crypto le­nder BlockFi is closing its platform, marking a significant shift in the wake of its 2022 bankruptcy. The­ New Jersey-base­d company announced on May 9, 2024, that it would shut down its web platform by the e­nd of the month. This move is part of a crucial partnership with the­ cryptocurrency exchange Coinbase­, which will help distribute BlockFi’s crypto holdings to eligible­ users.

The decision to shut down BlockFi’s platform signifie­s the end of an era for the­ company. Previously, BlockFi offered inte­rest-bearing accounts and other crypto le­nding products. However, the fallout from the­ FTX collapse in November 2022 had a de­vastating impact on BlockFi, ultimately leading to its bankruptcy filing. 

BlockFi CEO Zac Prince publicly attribute­d the company’s downfall to the actions of FTX founder Sam Bankman-Frie­d, who has been License.

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