BlockFi will shut down this month, with Coinbase acting as a partner to support its customers' cryptocurrency withdrawals.
Crypto-eligible clients who did not withdraw their digital assets distribution from the BlockFi platform by the deadline of April 28, 2024 at 23:59 UTC (or did not complete an identity verification request by the deadline of May 10, 2024 at 11:59 UTC) from the current round of estate distributions will, rather than such assets being liquidated to cash, have funds made available in kind and can withdraw if they create or have an open and approved Coinbase account.
Additionally, the BlockFi web platform will shut down during May 2024. The specific date remains under consideration given ongoing work and initial distribution, but after this date clients will no longer be able to access the BlockFi platform. The specific date will be separately communicated over the next few weeks.
BlockFi will shut down this month, with Coinbase acting as a partner to support its customers' cryptocurrency withdrawals.
Crypto-eligible clients who did not withdraw their digital assets distribution from the BlockFi platform by the deadline of April 28, 2024 at 23:59 UTC (or did not complete an identity verification request by the deadline of May 10, 2024 at 11:59 UTC) from the current round of estate distributions will, rather than such assets being liquidated to cash, have funds made available in kind and can withdraw if they create or have an open and approved Coinbase account.
Additionally, the BlockFi web platform will shut down during May 2024. The specific date remains under consideration given ongoing work and initial distribution, but after this date clients will no longer be able to access the BlockFi platform. The specific date will be separately communicated over the next few weeks.
Telegram hopes to raise $1bn with a convertible bond private placement
The super secure UAE-based Telegram messenger service, developed by Russian-born software icon Pavel Durov, is looking to raise $1bn through a bond placement to a limited number of investors from Russia, Europe, Asia and the Middle East, the Kommersant daily reported citing unnamed sources on February 18, 2021.The issue reportedly comprises exchange bonds that could be converted into equity in the messaging service that is currently 100% owned by Durov and his brother Nikolai.Kommersant reports that the price of the conversion would be at a 10% discount to a potential IPO should it happen within five years.The minimum bond placement is said to be set at $50mn, but could be lowered to $10mn. Five-year bonds could carry an annual coupon of 7-8%.
The S&P 500 slumped 1.8% on Monday and Tuesday, thanks to China Evergrande, the Chinese property company that looks like it is ready to default on its more-than $300 billion in debt. Cries of the next Lehman Brothers—or maybe the next Silverado?—echoed through the canyons of Wall Street as investors prepared for the worst.
