Blockfi

BlockFi was a financial services company dedicated to innovating within the cryptocurrency and blockchain technology sectors. Founded in 2017 by Zac Prince and Flori Marquez, the company aimed to bridge the gap between traditional financial products and the emerging world of digital assets. BlockFi's core mission was to provide liquidity, transparency, and efficiency to digital financial markets by developing products that catered to the needs of both individual consumers and corporate entities globally. The company endeavored to build bridges between conventional finance and digital markets, fostering growth for all participants in this evolving ecosystem. Through its platform, BlockFi offered a suite of financial products and services, including U.S. dollar loans backed by cryptocurrency, interest-bearing accounts designed for storing crypto assets, and cryptocurrency trading services. One of its notable innovations was the introduction of the world's first crypto rewards credit card.

BlockFi's approach was centered on harnessing the power of cryptocurrencies and blockchain payment rails to establish a globally accessible crypto wealth management platform. The company provided clients with broad access to these financial tools, enabling them to manage their crypto assets and explore earning potential. BlockFi's services were designed to make cryptocurrencies more functional and potentially lucrative for a wide range of investors, from individuals to institutions. Despite its growth and significant funding, BlockFi faced challenges inherent in the volatile cryptocurrency market. In November 2022, following the collapse of the FTX exchange, to which BlockFi had significant exposure, the company filed for Chapter 11 bankruptcy. The company subsequently emerged from bankruptcy in October 2023 and announced plans to wind down its operations, focusing on returning crypto assets to its customers. The BlockFi web platform was shut down in May 2024, with ongoing distributions being handled in partnership with Coinbase.