BlockFi Teams Up With Coinbase for Seamless Asset Distribution

Key Insights:

• BlockFi's collaboration with Coinbase aims to ensure uninterrupted service for clients amidst the impending closure of its web platform, prioritizing their interests during the transition.

• Clients who missed withdrawal deadlines on BlockFi will have their assets smoothly transitioned to Coinbase, either for direct access or cash distribution, enhancing convenience and efficiency.

•  As BlockFi prepares for shutdown, clients are advised to download crucial data and remain vigilant against potential scams, highlighting the platform's dedication to maintaining transparency and protecting client assets.

BlockFi, working to remove the possibility of abrupt service cessation, has announced a partnership with Coinbase for investment management and distribution. Through collaboration, Coinbase and BlockFi will carry out the exchange making the process for the users as far as possible, painless.

BlockFi site closure is around the corner and customers should, therefore, prioritize the completion of their actions to guard themselves against the icy digital asset access. 

Details of the Partnership

BlockFi clients who missed the deadline for withdrawing assets from the platform or completing identity verification will have their assets transitioned to Coinbase.

They will receive detailed instructions via email on creating or linking their Coinbase accounts to access their assets.

For clients unable to open Coinbase accounts, BlockFi assures that all distributions will be made in cash, adhering to the provisions outlined in the restructuring plan.

Moreover, the partnership with Coinbase enables BlockFi to utilize its platform for future asset distributions, including those recovered from FTX, enhancing efficiency and ensuring timely disbursements to stakeholders.

Important Considerations for BlockFi Clients

As the BlockFi web platform prepares for shutdown, clients are advised to download their transaction history, tax forms, and any essential data from the platform before the specified date. Accessing this information can be done through the platform's Reports section, facilitating smooth record-keeping and compliance.

With BlockFi's commitment to partnering exclusively with Coinbase for asset distributions, clients are urged to remain vigilant against potential scam attempts from third-party actors targeting BlockFi clientele.

By prioritizing client interests and leveraging Coinbase's expertise, BlockFi aims to navigate its financial restructuring while upholding its commitment to service excellence.