Curve, a payments firm, is actively discussing obtaining up to 87,000 credit card users of BlockFi (a crypto lending company). The credit cards of the respective consumers have been terminated since the 11th of this month. a spokesperson from Curve stated that negotiations and outreach began on the 12th of November this year and are even now in procedure with Deserve – a Banking as a Service (BaaS) firm that facilitates the card project of BlockFi.
Curve Negotiates with BlockFi to Acquire Its 87,000 Credit Card Users
The spokesperson mentioned that both Deserve and Curve have negotiated the terms however the partnership or sale are the factors that are still being considered. As per the spokesperson, no interest has been expressed by Curve in the assets of BlockFi. In the case of the successful accomplishment of the acquisition, the fintech would likely continue the credit card project of BlockFi.
Even then, the consumers will have the ability to yield rewards in crypto assets, according to the spokesperson. They additionally disclosed that the extra advantage of an effective acquisition is related to the consumers linked to the credit card project of BlockFi as the platform will not port them to yet another exchange being centrally held.
Also read:Reports during this weekend pointed out that Coinbase and Binance US were additionally endeavoring to have the credit card clients of BlockFi as well. A Coinbase spokesperson however brought to the front that the platform was not involved in any endeavors or discussions dealing with the card project of BlockFi, whereas no response has yet been made by Binance US in this response.
BlockFi Suspends Its Client’s Credit Cards amid Market Downturn Because of FTX Saga
The endeavor to obtain BlockFi’s consumers is witnessed days after the declaration of BlockFi on the 11th of November regarding the suspension of withdrawals, citing the market turmoil caused by the FTX saga to be the cause. On the same day, the credit card consumers of BlockFi swarmed Twitter and reported that the cards in their possession were not workings anymore.
BlockFi had reportedly sent them messages regarding the suspension of their cards due to the platform’s vulnerable situation. A few of the consumers were further infuriated on getting the messages that they had to stay in touch with the credit card payments thereof.
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