the payment company Curve is in active talks to acquire the more than 87,000 credit cards of cryptocurrency lender BlockFi, whose credit cards have been suspended since Nov. 11.
A Curve spokesperson told Cointelegraph that “rapprochement and negotiations” began on Nov. 12 and are still in process with banking-as-a-service (BaaS) company Deserve.which services the BlockFi card program.
My BlockFi credit card has officially stopped working.
RIP 2021-2022— Portland.HODL (@PortlandHODL) November 11, 2022
My BlockFi credit card has officially stopped working. RIP, 2021-2022
“Terms are being actively negotiated between Curve and Deserve, but a sale or partnership, if agreed, is pending the conclusion of due diligence,” the spokesperson said.
“The main point of contact for the pending negotiation is Deserve/Evolve, not BlockFi, but that is an understanding that needs to be confirmed,” he added, also noting that Curve is not interested in BlockFi assets.
Should the acquisition be successful, the fintech is looking to continue BlockFi’s credit card program, noting that customers will still be able to earn cryptocurrency rewards.
The spokesman also said that An added benefit of the acquisition being successful is that customers of BlockFi’s credit card program “will not be ported to another centralized exchange.”
Reports over the weekend suggested that Binance US and Coinbase were also going after BlockFi credit card customers.
A Coinbase spokesperson clarified to Cointelegraph that: “We are not involved in any discussions or efforts related to the BlockFi card program,” while Binance US has not yet responded to requests for comment at the time of publishing this article.
The offer for BlockFi credit card customers comes days after BlockFi announced it was suspending withdrawals on Nov. 11citing what happened with the crypto exchange FTX as the cause.
That same day, BlockFi credit card users flooded Twitter reporting that their cards were no longer working and that they had received messages from BlockFi confirming that the cards had been suspended. due to “recent events at BlockFi.”
Some users became even angrier when they received messages from BlockFi informing them that they would still need to keep up with their credit card payments.
The cryptocurrency market watcher just boby said to his 14,000 followers in a Nov 11 post: “This is NOT fake, BlockFi reached out both via email and text to remind me to pay my credit card bill,” and others have shared a copy of BlockFi communication.
Latest traumatizing event. Over at BlockFi you can’t take your money out but remember you better pay every cent of your gimmick credit card.
You are the bad actor not them! pic.twitter.com/8VzLf8zKvb
— BowTiedBull – Read Pinned Tweet or NGMI (@BowTiedBull) November 11, 2022
The last traumatic event. In BlockFi you can not withdraw your money, but remember that it is better that you pay every penny on your fake credit card. You are the bad actor, not them!
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