Uncovering the Truth Behind BlockFi’s Bankruptcy: Are CBDC’s Unstoppable?

Crypto lending platform, BlockFi, is set to file for bankruptcy protection as it conducts employee layoffs and works with experts to determine the best path forward. BlockFi had received $400m in revolving credit from FTX, which could have purchased the company outright, but the credit has since evaporated. Meanwhile, financial institutions, including Wells Fargo, HSBC and Mastercard, are experimenting with blockchain technology with a new proof-of-concept digital money platform, Regulated Liability Network (RLN). Apple Pay is making its crypto debut, with Circle announcing that its USDC can now be used for payments through the payment platform.

BlockFi Considers Bankruptcy

BlockFi is allegedly filing for bankruptcy, following the company’s debt deal that gave FTX the option to purchase it outright. The company received $400 million in revolving credit to keep it afloat, but that has since vanished.

Market Watch

Bitcoin is down 0.7% at $16,696, while Ethereum is down 2.7% at $1,218. Despite this, there’s some bullish consolidation taking place, with potential for a move to retest the point of control at $17,200.

Regulated Liability Network

The Federal Reserve Bank of New York’s New York Innovation Center is working on RLN, a digital money platform. The project includes firms like HSBC, Mastercard, and Wells Fargo, demonstrating that banks see blockchain as a better way to settle payments and to manage money.

Apple Pay Accepts USDC

Circle announced that its USDC can now be used to make payments via Apple Pay. The move is meant to make it easier to buy items in NFT marketplaces and on crypto games, as well as to make cross-border remittances using Circle.

Genesis Suspends Redemptions and the Creation of New Loans

Genesis, the lending arm of Genesis Exchange and a partner of Gemini, has suspended redemptions and the creation of new loans, causing alarm. The company recently revealed that it had $175 million stuck in an FTX account, and an infusion of $140 million was intended to help steady the waters.

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