BlockFi to Stop Accepting Grayscale Bitcoin Trust as Collateral

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BlockFi, a cryptocurrency lender platform, recently announced that it will stop accepting Grayscale  Bitcoin  Trust (GBTC) as collateral. According to The Straits Times, citing Bloomberg, it stopped accepting shares of the fund as collateral.


Take Advantage of the Biggest Financial Event in London. This year we have expanded to new verticals in Online Trading, Fintech, Digital Assets, Blockchain, and Payments.

In response to Bloomberg’s report, the New Jersey-based lender said it is winding down ‘a couple’ of loans with GBTC as collateral. “We are not saying that we won’t support GBTC as collateral moving forward. Like any collateral, we constantly evaluate appropriate collateral haircut ratios and aim to accept as many types of collateral that our clients hold as possible,” BlockFi commented. However, Grayscale Investments declined to issue any statement about the matter.

BlockFi and FTX

Last month, BlockFi signed a $250 million revolving credit agreement with FTX. According to Zac Prince, BlockFi’s Chief Executive Officer, the credit facility provides them with access to capital that ‘further bolsters our balance sheet and platform strength’ in the midst of the crisis it has been facing.

With the agreement, BlockFi can access capital during a rout in the digital currency market. The company announced last week that it would reduce its headcount by about 20% and reduce its  marketing  media has also rapidly evolved as a critical element of marketing.Forex brokers rely on social media such as Twitter, Facebook, or Linkedin for marketing needs, capable of reaching a huge audience. Ultimately marketing requires efforts on part of brokers to bridge the gap with their desired audience. In this instance, this means potential clients or existing ones.

Marketing is defined as the business process of identifying, anticipating and satisfying customers’ needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have to handle the acquisition of traders, retaining them for a longer period of time or distinguishing between brokerage and competitors.What Are the Most Common Marketing Strategies Used by FX Brokers?This process can take shape in a variety of forms. Advertising is the most commonly deployed technique for forex marketing.This includes a marketing plan that touches on digital and traditional advertising. Advertising can include banner ads, notifications, newsletters, or other mechanisms for drawing attention to any brand or brokerage.Blog posting or other forms of search engine optimization (SEO) are also effective marketing tools for forex brokers.Well-organized and attractive pieces of content on websites are very useful for users and clients and have proven to be successful marketing strategies.Such efforts also enable websites to be found by those looking for what a broker offers and those who are looking for some knowledge about the trading industry. This can also help generate traffic on landing pages, converting sales. Social media has also rapidly evolved as a critical element of marketing.Forex brokers rely on social media such as Twitter, Facebook, or Linkedin for marketing needs, capable of reaching a huge audience. Ultimately marketing requires efforts on part of brokers to bridge the gap with their desired audience. In this instance, this means potential clients or existing ones.
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spend and executive compensation.

“The proceeds of the credit facility are intended to be contractually subordinate to all client balances across all account types (BIA, BPY & loan collateral) and will be used as needed. Throughout the market volatility of the last several weeks, I’m incredibly proud of how our team, platform and risk management protocols have performed. Today’s landmark announcement reinforces BlockFi’s commitment to serving its clients and ensuring their funds are safeguarded,” Prince pointed out at that time. He added: “This agreement also unlocks future collaboration and innovation between BlockFi & FTX as we work to accelerate prosperity worldwide through crypto financial services. This is a significant step forward in our commitment to the strength and accessibility of crypto markets.”

BlockFi, a cryptocurrency lender platform, recently announced that it will stop accepting Grayscale  Bitcoin  Trust (GBTC) as collateral. According to The Straits Times, citing Bloomberg, it stopped accepting shares of the fund as collateral.

In response to Bloomberg’s report, the New Jersey-based lender said it is winding down ‘a couple’ of loans with GBTC as collateral. “We are not saying that we won’t support GBTC as collateral moving forward. Like any collateral, we constantly evaluate appropriate collateral haircut ratios and aim to accept as many types of collateral that our clients hold as possible,” BlockFi commented. However, Grayscale Investments declined to issue any statement about the matter.


Take Advantage of the Biggest Financial Event in London. This year we have expanded to new verticals in Online Trading, Fintech, Digital Assets, Blockchain, and Payments.

BlockFi and FTX

Last month, BlockFi signed a $250 million revolving credit agreement with FTX. According to Zac Prince, BlockFi’s Chief Executive Officer, the credit facility provides them with access to capital that ‘further bolsters our balance sheet and platform strength’ in the midst of the crisis it has been facing.

With the agreement, BlockFi can access capital during a rout in the digital currency market. The company announced last week that it would reduce its headcount by about 20% and reduce its  marketing  spend and executive compensation.

“The proceeds of the credit facility are intended to be contractually subordinate to all client balances across all account types (BIA, BPY & loan collateral) and will be used as needed. Throughout the market volatility of the last several weeks, I’m incredibly proud of how our team, platform and risk management protocols have performed. Today’s landmark announcement reinforces BlockFi’s commitment to serving its clients and ensuring their funds are safeguarded,” Prince pointed out at that time. He added: “This agreement also unlocks future collaboration and innovation between BlockFi & FTX as we work to accelerate prosperity worldwide through crypto financial services. This is a significant step forward in our commitment to the strength and accessibility of crypto markets.”



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