A cryptocurrency exchange that also offers loans and interest-bearing accounts similar to a traditional bank. Founded in 2017, BlockFi is noted for its low fees and institutional backing from investors such as Fidelity and Coinbase Ventures. Products include crypto-backed U.S. dollar loans, a crypto wallet, cash-back (in crypto) credit card and trading in a select number of major crypto coins.
In the summer of 2022, the FTX crypto exchange was negotiating a multi-million dollar line of credit for BlockFi. Because of BlockFi's exposure to FTX, it paused withdrawals and declared bankruptcy in November 2022. In March 2024, FTX tentatively agreed to pay BlockFi close to $900 million. See
FTX exchange.