BlockFi, a major crypto lending firm based in New Jersey, officially disclosed a total loan of $1.8 billion and a net unsecured exposure of $600 million by the end of the second quarter of 2022.
The company said it has guidelines in place to help the current operations of core businesses including institutional and retail lending and trading activities and liquidity of assets.
BlockFi will hold at least 10% of the total amount in inventory according to the customer's demand and refund the customer under this guidance and recover and return to the customer hold at least 50% of the amount owed within 7 days.
Whether it is inventory or loans, BlockFi will recall at least 90% of the total amount owed to customers within a year.
The company has exposure to Singapore-based hedge fund Three Arrows Capital (3AC), which has filed for bankruptcy protection. BlockFi's GBTC investment product lost about $80 million due to bad debts from Three Arrows.
Troubled digital asset firm BlockFi has...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...