Saturday, December 3, 2022
HomeTechnologyCurve Placed Bid To Acquire Blockfi's 87,000 Credit Card Customers

Curve Placed Bid To Acquire Blockfi’s 87,000 Credit Card Customers

Curve, a payments company, is now in talks to buy the more than 87,000 credit card users of cryptocurrency lender BlockFi.These customers’ credit cards have been blocked since November 11. According to a spokesman for Curve, “outreach and talks” with the Banking as a Service (BaaS) business Deserve, which supports the BlockFi card programme, began on November 12 and are still in the process of taking place.

According to a statement made by a representative for the two companies, “Terms are being actively discussed between Curve and Deserve, but a sale or partnership, if agreed upon, is awaiting the completion of due diligence.”

They went on to say that Curve is not interested in BlockFi’s assets and that Deserve/Evolve, not BlockFi, is the main point of contact for the ongoing talks, but that this is something that needs to be confirmed. They also said that one of the additional benefits of a successful purchase would be that clients of BlockFi’s credit card programme “would not be moved to yet another centrally-held exchange.”

Over the weekend, it was reported that Binance US and Coinbase were interested in acquiring BlockFi’s credit card clients. However, a spokesman for Coinbase made it clear to Cointelegraph that the company is not participating in any talks or initiatives relating to BlockFi’s card program. At the time of writing, Binance US had not yet replied to requests for comment.

The offer to acquire BlockFi’s credit card users comes only a few days after BlockFi made the announcement that it would temporarily halt withdrawals on November 11. The company said that the decision was made because of its ongoing fight with cryptocurrency exchange FTX.

On the same day, many people with BlockFi credit cards posted on Twitter that their cards no longer worked and that they had received messages from BlockFi saying that the cards had been suspended because of “recent events at BlockFi.”

Some people got more annoyed after BlockFi told them they still had to pay their credit card bills on time. In a post that was published on November 11, crypto market observer Just Boby reminded his 14,000 followers that “This is NOT false; BlockFi reached out through both email and SMS to remind me to pay my credit card payment.” Other people have posted a copy of the message that was received from BlockFi.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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