How Blockfi Went From Billions To Bankrupt In 5 Years

Описание: BlockFi was created to provide credit services to markets with limited access to simple financial products in the crypto space. The intentions were good but things went spiraling out of control in 2022...

How Blockfi Went From Billions To Bankrupt In 5 Years

The company was founded in August 2017 by two people, Zac Prince and Flori Marquez. They began operating out of Jersey City, New Jersey, offering collateralized crypto loans to users. At some point in its initial year, BlockFi began offering crypto-denominated credit cards. It was a massive success and led to the company raising millions at every funding event but this success wouldn't last. They associated themselves with big names such as 3 Arrows Capital. After the first major crypto crash in 2022, Blockfi found itself in an awkward position. They would need to file for bankruptcy unless they partnered with another company to bail them out. Luckily for them, FTX was here to save the day... or at least that's what they thought.

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