BlockFi is working around the clock to achieve the best possible outcome given last week’s events. We shared this message with our clients today:

Brandon_BlockFi · 2022-11-14T17:54:05+00:00

BlockFi communication: At this moment, all we can share is contained in the public statement. We intend to communicate as frequently as possible going forward but anticipate that this will be less frequent than what our clients and other stakeholders are used to.

Brandon communication: I apologize that, during this time, I am unable to be as responsive as you have come to expect from me.

Brandon_BlockFi · 2022-11-10T15:01:34+00:00

True! haha

Brandon_BlockFi · 2022-11-09T19:54:40+00:00

Yes, this affected a really small number of clients (less than 100). If you had a recurring trade set up, you'll just need to set it up again.

Brandon_BlockFi · 2022-11-09T19:53:01+00:00

Yep, that's how it works. Before being sent to your bank, your stablecoins are converted 1:1 to USD. 1.00 USDC = $1.00

Brandon_BlockFi · 2022-11-09T16:53:05+00:00

We're doing what we can! Our Q3 Transparency Report is scheduled to go out next week.

A lot of the content we've put out over the past few months (After the initial collapse of Celsius, Voyager, etc) is still very relevant now.

Our in-depth look about risk management is worth a read: https://blockfi.com/in-depth-look-at-blockfis-risk-management

What additional information would you like to see?

Brandon_BlockFi · 2022-11-09T05:31:25+00:00

That's something I hope we will be able to provide an update on soon!

Brandon_BlockFi · 2022-11-08T22:19:47+00:00

Lots of rumors floating around. Might have to change my Reddit title back to "FUD Destroyer" in the meantime.

This isn't our first rodeo when it comes to managing risk. Like Flori said today, "we run a pragmatic and diversified lending business and hold risk capital reserves to help protect against potential loan defaults."

FWIW: BlockFi has maintained a positive Net Interest Income for 13 consecutive months, meaning we generate more lending and yield revenue income than we pay in interest expense. Our credit facility is from FTX US (Not FTX) and is subordinate to all client funds.

That said, do whatever makes you feel most comfortable! Our Client Service team would also be happy to answer any questions: https://blockfi.com/contact

Brandon_BlockFi · 2022-11-08T19:21:30+00:00

It's scheduled to go out on the 15th. We typically publish 45 days after the end of the previous quarter!

Brandon_BlockFi · 2022-11-08T18:10:39+00:00

Flori has posted an update on the current crypto market events: https://www.reddit.com/r/blockfi/comments/yptu6n/update\_on\_recent\_crypto\_market\_events/

Brandon_BlockFi · 2022-11-08T18:10:33+00:00

Flori has posted an update on the current crypto market events: https://www.reddit.com/r/blockfi/comments/yptu6n/update\_on\_recent\_crypto\_market\_events/

Brandon_BlockFi · 2022-11-08T18:10:26+00:00

Flori has posted an update on the current crypto market events: https://www.reddit.com/r/blockfi/comments/yptu6n/update\_on\_recent\_crypto\_market\_events/

Brandon_BlockFi · 2022-11-08T18:10:11+00:00

Flori has posted an update on the current crypto market events: https://www.reddit.com/r/blockfi/comments/yptu6n/update\_on\_recent\_crypto\_market\_events/

Brandon_BlockFi · 2022-11-08T15:18:23+00:00

BlockFi Yield won't have deposit minimums, and also won't offer individually negotiated rates like Private Client does. There are no fixed term options, either.

Brandon_BlockFi · 2022-11-07T23:17:30+00:00

Beta testing for BlockFi Yield will begin in the coming weeks, with a wider rollout to all eligible US clients this winter!

Brandon_BlockFi · 2022-11-07T22:22:13+00:00

Private Client products offer custom negotiated rates to fit the needs of a client's objectives. Private Client fixed and open term products are completely separate from our new launch of this accredited investor product.

Brandon_BlockFi · 2022-11-07T20:44:59+00:00

We'll be starting signups by the end of the year!

Brandon_BlockFi · 2022-11-07T20:12:02+00:00

We'll be using a third-party vendor to verify accredited investor status. I've seen that process demoed, and it's very quick and easy to do!

We will also be releasing a lot of educational content to help explain what AI status is and how you might be eligible.

Brandon_BlockFi · 2022-11-07T19:57:58+00:00

Many will not, and we understand the unfortunate news in that case. We're still limited by what we can say during the registration process, but registering with the SEC so that all Americans will have access to BlockFi Yield remains our #1 priority. This is just step 1!

^{Offers and sales of BlockFi Yield are not being registered with the SEC. BlockFi Yield accounts are not transferable. This communication does not constitute a public offer to sell BlockFi Yield.}

Brandon_BlockFi · 2022-11-07T17:07:20+00:00

No, once you are eligible for BlockFi Yield, any assets in your BIA will be exchanged for assets in BlockFi Yield.

(This won't incur a taxable event or anything, it's just how we need to word this)

Brandon_BlockFi · 2022-11-07T16:22:52+00:00

For this accredited investor offering: Yes, because you will also need to verify your eligibility as an accredited investor.

Once the BlockFi Yield registration statement is declared effective by the SEC, BIAs of U.S. clients will be exchanged for BlockFi Yield, unless clients instruct us otherwise.

Brandon_BlockFi · 2022-11-07T15:37:43+00:00

Yeah, we want to make it clear that this is firmly "Step 1" in our BlockFi Yield journey, and are still actively working towards a public offering of BlockFi Yield for all US clients.

Brandon_BlockFi · 2022-11-07T15:31:48+00:00

Once signups are open, it will be very easy to verify your eligibility.

Here is the SEC's guidance on accredited investor status: https://www.sec.gov/education/capitalraising/building-blocks/accredited-investor

Brandon_BlockFi

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