By George Ward
BlockFi has been reported to have over 87,000 consumers for its credit card services, and Curve is bidding to have the Crypto leaders’ customers. Curve’s determination to acquire BlockFi’s customers has been aroused by the fact that credit cards issued by BlockFi were suspended on the 11th of November.
A Curve spokesperson explained that their representatives reached out to BlockFi to acquire their customers. He added that both parties started negotiations a day after the suspension of their credit cards.
Curve and Deserve (a Banking-as-a-service platform for BlockFi’s card initiative) are negotiating terms for a possible collaboration. However, Curve will still need to conduct its due diligence even if both parties agree.
The spokesperson also added that BlockFi is not the primary point of negotiations. Instead, deserve is the main point of reference for pending negotiations. He also clarified that Curve is not seeking to acquire BlockFi’s assets.
BlockFi’s Credit Card Program Will Continue To Thrive
If Curve can acquire BlockFi’s customers, their team will ensure that BlockFi’s credit card program continues to thrive. Some of BlockFi’s customers may begin to doubt whether they will continue earning Crypto rewards.
The fintech giant assured customers that they would continue to receive crypto rewards after the acquisition. Curve also affirmed that if it completes the acquisition, BlockFi’s Credit card customers will retain the use of the same centrally held exchange.
Curve intensified efforts to complete the acquisition on hearing that two crypto giants – Coinbase and Binance US- have expressed interest in acquiring BlockFi’s 87,000 customers.
However, Coinbase’s spokesperson has clarified that Coinbase is not trying to acquire BlockFi’s credit card customers. Furthermore, he added that there was no conversation with BlockFi.
Binance, on the other hand, did not respond to media requests on whether it expressed interest in BlockFi’s Customer acquisition. BlockFi’s suspension of its credit card program follows the disclosure of its problems with the embattled crypto exchange FTX.
BlockFi Customers Rant on Twitter
On the 11th of November, hundreds, if not thousands, of BlockFi credit card users went on Twitter complaining that their BlockFi credit cards were not handling transactions as expected. In addition, some of the complainers said they received an email from BlockFi confirming their card was suspended due to unusual events at BlockFi.
Some of BlockFi’s credit card customers were further infuriated on hearing that they are still required to maintain their credit card payments. This was sent to them in an email, and they responded with a great deal of social media outrage.
Crypto analyst – Just Boby tweeted that BlockFi reached out to him through an email and reminded him to pay his credit card bill. Others have shared email messages from BlockFi in response to his tweet.