Payments company Curve bids for BlockFi's 87,000 credit card customers

Funds firm Curve is in lively discussions to accumulate crypto lender BlockFi’s greater than 87,000 bank card prospects — whose bank cards have been suspended since Nov. 11.

A Curve spokesperson advised Cointelegraph that “outreach and negotiations” began on Nov. 12 and are nonetheless within the course of with Banking as a Service (BaaS) firm Deserve, which providers the BlockFi card program.

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My BlockFi bank card has formally stopped working.
R.I.P 2021-2022

— Portland.HODL (@PortlandHODL) November 11, 2022

“Phrases are being negotiated actively between Curve and Deserve, however a sale or partnership, if agreed to, is pending the conclusion of due diligence,” the spokesperson stated.

“The first level of contact for the pending negotiation is Deserve/ Evolve, not BlockFi, however that’s an understanding that must be confirmed,” they added, noting additionally that Curve just isn’t inquisitive about BlockFi’s property.

Ought to the acquisition succeed, the fintech is seeking to proceed BlockFi’s bank card program, noting that prospects will nonetheless be capable to earn crypto rewards.

In addition they stated an added advantage of a profitable acquisition is that prospects from BlockFi’s bank card program “won’t be ported to yet one more centrally-held change.”

Stories over the weekend instructed that Binance US and Coinbase have been additionally pursuing BlockFi’s bank card prospects as nicely.

A spokesperson from Coinbase nevertheless clarified to Cointelegraph that: “We’re not engaged in any conversations or efforts associated to BlockFi’s card program,” whereas Binance US has not but responded to requests for remark by the point of publication.

Associated: BlockFi limits platform exercise, together with a halt on shopper withdrawals

The bid for BlockFi’s bank card prospects comes days after BlockFi introduced it was suspending withdrawals on Nov. 11, citing the continued saga with crypto change FTX because the trigger.

The identical day BlockFi bank card customers flooded Twitter reporting their playing cards have been not working and had obtained messages from BlockFi confirming the playing cards had been suspended due to “latest occasions at BlockFi.”

Some customers have been additional antagonized after they obtained messages from BlockFi informing them they might nonetheless be required to maintain up with their bank card funds.

Crypto market watcher Simply Boby advised his 14,000 followers in a Nov.11 post, “That is NOT faux, BlockFi reached out through each e mail and textual content to remind me to pay my bank card invoice,” others have shared a duplicate of the communication from BlockFi.

Newest traumatizing occasion. Over at BlockFi you may’t take your cash out however bear in mind you higher pay each cent of your gimmick bank card.

You’re the dangerous actor not them! pic.twitter.com/8VzLf8zKvb

— BowTiedBull – Learn Pinned Tweet or NGMI (@BowTiedBull) November 11, 2022