Shalini Nagarajan

BlockFi, the crypto lender bailed out by FTX earlier this year, has suspended withdrawals only two days after assuring users that it was fully operational.



In a <a href="https://twitter.com/BlockFi/status/1590875997351866368" target="_blank" rel="noreferrer noopener">tweet</a> late Thursday, BlockFi said it cannot operate suitably due to uncertainty surrounding FTX.com, FTX US and Alameda Research. Co-founder Flori Marquez had earlier <a href="https://mobile.twitter.com/FounderFlori/status/1590030310787657729" target="_blank" rel="noreferrer noopener">tweeted</a> the firm remained an independent entity despite its bailout deal with FTX — implying that it was mostly unaffected by the exchange&#8217;s implosion.



But events quickly turned. The Hoboken, New Jersey-based firm has now warned against depositing into BlockFi wallets or interest accounts, which are still advertised to offer up to 10% annual percentage yield on deposits.



&#8220;We are shocked and dismayed by the news regarding FTX and Alameda. We, like the rest of the world, found out about this situation through Twitter,&#8221; BlockFi tweeted.



BlockFi’s cracks are closely related to the lifeline it received in July, when FTX agreed to support the lender with a $400 million credit facility as rival lenders Celsius and Voyager were entering bankruptcy.&nbsp;



The bailout, now seen as part of a <a href="https://www.reuters.com/technology/exclusive-behind-ftxs-fall-battling-billionaires-failed-bid-save-crypto-2022-11-10/">string of bad FTX deals</a>, came with strings attached: Bankman-Fried could acquire the firm for as little as $240 million next year, if it so desired.



It isn’t clear whether the struggling lender actually received the FTX credit facility. BlockFi didn’t return Blockworks’ request for comment by press time.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><a href="https://t.co/zNF1uP6evl">pic.twitter.com/zNF1uP6evl</a>&mdash; BlockFi (@BlockFi) <a href="https://twitter.com/BlockFi/status/1590875997351866368?ref_src=twsrc%5Etfw">November 11, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Blockworks <a href="https://cms.blockworks.co/news/how-blockfi-went-from-tech-unicorn-to-crypto-burnout/" target="_blank" rel="noreferrer noopener">recently spoke to company insiders</a> who detailed a slew of problems at the lender, including a mentality focused on expanding customer deposits that ultimately double as liabilities.&nbsp;



As those deposits were withdrawn following SEC lawsuits and diminished trust in light of Celsius and Voyager’s demise, BlockFi revenues and balance sheets suffered. Company documents obtained showed monthly revenue fell 70% from $48 million at the start of the year to roughly $15 million by July and August.



When BlockFi failed to find much-needed funding elsewhere, Bankman-Fried played the role of crypto rescuer. The fallen crypto mogul had said his firm sought responsible players with sustainable business models that could use short-term liquidity.&nbsp;



Jack Saracco, co-founder of digital bank Ping, said the interconnectedness of the industry means the broader effects of FTX’s collapse are yet to be worked out.



“There’s so much exposure across the industry to FTX that we just don’t know about, in addition to the exposure that we do know about,” he told Blockworks, adding that BlockFi’s reliance on an FTX bailout that likely won’t happen is part of it.



Saracco noted that broader crypto adoption that has now been set back and expressed frustration that &#8220;we don’t know who owns what in this insolvency mess.”



<h3>BlockFi not the only company meant to be saved by FTX</h3>



<a href="https://cms.blockworks.co/news/crypto-vcs-sequoia-multicoin-reckon-with-failing-ftx-investments/" target="_blank" rel="noreferrer noopener">Sequoia, Multicoin Capital,</a> Temasek and Paradigm are among venture capital firms that stand to lose millions from their investment in FTX. Other investors should brace for more turbulence ahead.



But Voyager, another crypto lender, was also relying on FTX to save face. In September, FTX.US won an auction to buy assets of bankrupt crypto lender Voyager for $1.4 billion. That deal was set to make Voyager’s customers whole, but the bankrupt firm&#8217;s unsecured creditors committee on Thursday <a href="https://twitter.com/VoyagerUCC/status/1590775946105135104" target="_blank" rel="noreferrer noopener">confirmed</a> the transaction never went through.



Alameda Research, the trading firm founded by Bankman-Fried, in June pledged to lend $500 million to Voyager. At the time, many in the industry saw the string of bailouts as a positive move.



Fast forward to November and FTX is facing a shortfall worth $8 billion, a figure which apparently includes swathes of user funds. FTX is now critically stuck and is unlikely to help others, especially considering it can’t save itself. The Bahamas Securities regulator on Thursday <a href="https://cms.blockworks.co/news/bahamas-regulator-freezes-ftx-assets/" target="_blank" rel="noreferrer noopener">froze the assets</a> of Bankman-Fried’s Bahamian subsidiary and moved to appoint a liquidator for the entity.



A <a href="https://ftx.us/home" target="_blank" rel="noreferrer noopener">message</a> by FTX’s American affiliate, which Bankman-Fried had <a href="https://twitter.com/SBF_FTX/status/1590709195892195329" target="_blank" rel="noreferrer noopener">claimed</a> would be unaffected by the mess, now says trading may be halted on the platform in a few days. “Please close down any positions you want to close down. Withdrawals are and will remain open,” it said in a statement.



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BlockFi Stops Withdrawals, Hinting FTX Mess Can Only Get Worse

David Canellis

How BlockFi Went From Tech Unicorn to Crypto Burnout

<div id="highlights-block_62d6c81ad5262" class="highlights">
 <ul>
 <li>BlockFi already laid off 20% of its staff in mid-June</li>
 <li>CEO Zac Prince recently said the lender shouldn’t be compared to lenders that shut down</li>
 </ul>
 
</div>



Less than three weeks after <a href="https://cms.blockworks.co/ftx-reaches-deal-to-acquire-blockfi-for-up-to-240m/" target="_blank" rel="noreferrer noopener">FTX struck a deal</a> to acquire BlockFi and provide it with a $400 million loan, the cryptocurrency lender wants some employees to leave voluntarily.



The Hoboken, New Jersey-based firm is giving employees the option to resign in exchange for 10 weeks of paid leave and 10 weeks of health insurance, <a href="https://decrypt.co/105379/blockfi-employee-buyouts-one-month-after-cutting-staff" target="_blank" rel="noreferrer noopener">Decrypt reported</a> on Tuesday, citing a BlockFi employee. 



Staff members have reportedly been told they will be eligible for unemployment if they accept the offer. It isn’t clear how many employees will be offered the buyout.



A BlockFi spokesperson said the company initiated a “voluntary separation program to right-size our organization for the current market environment.”



“This is not an action we took lightly and want to ensure that employees have resources to consider the decision that is right for them,” the spokesperson told Blockworks via email. “BlockFi continues to be fully operational and all client funds are safeguarded.”



The company publicly announced in mid-June it would <a href="https://cms.blockworks.co/cryptocurrency-lender-blockfi-set-to-cut-staff-by-a-fifth/" target="_blank" rel="noreferrer noopener">cut 20% of its staff</a>. CEO Zac Prince said at the time that a “dramatic shift” in macroeconomic conditions had negatively impacted its growth rate. Shortly after, Blockworks learned the firm <a href="https://cms.blockworks.co/blockfi-parts-ways-with-head-of-us-trading/" target="_blank" rel="noreferrer noopener">parted ways</a> with its head of US trading, Jason Wilkinson.



Unlike rival lenders such as Celsius and Babel Finance, BlockFi managed to avoid withdrawal freezes on its platform. The firm also admitted to an $80 million loss tied to its exposure to crypto hedge fund <a href="https://cms.blockworks.co/tag/three-arrows-capital/" target="_blank" rel="noreferrer noopener">Three Arrows Capital</a>, but it said this is a fraction compared to losses reported by other lenders. 



Notably, BlockFi was propped up by <a href="https://cms.blockworks.co/tag/ftx/" target="_blank" rel="noreferrer noopener">FTX</a> which initially agreed to support the firm with a <a href="https://cms.blockworks.co/blockfi-inks-250m-credit-deal-with-ftx-to-ease-liquidity-fears/" target="_blank" rel="noreferrer noopener">$250 million</a> revolving line of credit before reaching an agreement to purchase it entirely.



Concerns were also raised about positions BlockFi might have in the Grayscale Bitcoin Trust, which is down nearly 60% year to date. But Prince confirmed the firm itself <a href="https://cms.blockworks.co/blockfi-winds-down-loans-backed-by-gbtc-stock-ceo-says/" target="_blank" rel="noreferrer noopener">has no exposure</a> to the fund and is unwinding loans in which shares are held as collateral.



He recently said on Twitter that BlockFi shouldn’t be compared to its competitors that shut down and have impending losses.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">2/2 BlockFi is fully functional across all products (credit card, loans, trading, earning interest), no client losses, raised interest rates in July And we have exciting stuff in the pipeline 😎&mdash; Zac Prince (@BlockFiZac) <a href="https://twitter.com/BlockFiZac/status/1546492678698844163?ref_src=twsrc%5Etfw">July 11, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Several employees at cryptocurrency firms including <a href="https://cms.blockworks.co/coinbase-cut-workforce-ceo-wary-of-potential-recession/" target="_blank" rel="noreferrer noopener">Coinbase</a>, <a href="https://cms.blockworks.co/gemini-exchange-cuts-workforce-for-second-time-in-2-months-report/" target="_blank" rel="noreferrer noopener">Gemini</a> and <a href="https://cms.blockworks.co/crypto-com-cutting-5-of-workforce-amid-digital-asset-downturn/" target="_blank" rel="noreferrer noopener">Crypto.com</a> have lost jobs in the last two months, but it now appears a cost-cutting phase for the industry yet may not yet be over.



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BlockFi Initiates ‘Voluntary Separation Program’ To Further Trim Headcount

Bessie Liu

<div id="highlights-block_62bf5e534a7dd" class="highlights">
 <ul>
 <li>Bankman-Fried says he is “way more excited to bail out customers than shareholders”</li>
 <li>FTX’s acquisition of BlockFi may lead to potential layoffs</li>
 </ul>
 
</div>



FTX on Thursday closed an anticipated deal with BlockFi to acquire the troubled crypto lender for up to $240 million, depending on the startup’s performance triggers.



The agreement also involves a $400 million revolving line of credit, good for a total price tag of $620 million.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Yesterday we signed definitive agreements, subject to shareholder approval, with FTX US for: 1. A $400M revolving credit facility which is subordinate to all client funds, and 2. An option to acquire BlockFi at a variable price of up to $240M based on performance triggers.&mdash; Zac Prince (@BlockFiZac) <a href="https://twitter.com/BlockFiZac/status/1542934040092856321?ref_src=twsrc%5Etfw">July 1, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Blockworks <a href="https://cms.blockworks.co/crypto-exchange-ftx-to-acquire-beleaguered-lender-blockfi/" target="_blank" rel="noreferrer noopener">reported</a> the acquisition will likely lead to additional BlockFi layoffs, as FTX is predominantly vying for the lending startup’s technology, investors and counterparties. The prospect of immediate job losses were later <a href="https://twitter.com/BlockFiZac/status/1542934076927213568" target="_blank" rel="noreferrer noopener">denied</a> by BlockFi CEO Zac Prince and <a href="https://twitter.com/SBF_FTX/status/1542619084663263233" target="_blank" rel="noreferrer noopener">FTX CEO Sam</a> <a href="https://twitter.com/SBF_FTX/status/1542619084663263233" target="_blank" rel="noreferrer noopener">Bankman-Fried</a>.



Although Prince did not disclose the lower end of the acquisition, CNBC reported the deal was pegged at <a href="https://www.cnbc.com/2022/06/30/ftx-closes-in-on-a-deal-to-buy-embattled-crypto-lender-blockfi-for-25-million-in-a-fire-sale.html" target="_blank" rel="noreferrer noopener">$25 million</a>. Prince denied CNBC’s reporting, which he dubbed unfounded.&nbsp;



Market volatility following the downfall of Celsius and Three Arrows Capital (3AC) put cryptocurrency lenders in a difficult position.



“While we were one of the first to fully accelerate our overcollateralized loan to 3AC, as well as liquidate and hedge all collateral, we did experience ~$80M in losses, which is a fraction of losses reported by others,” Prince tweeted.



JPMorgan <a href="https://cms.blockworks.co/crypto-deleveraging-cycle-wont-last-much-longer/" target="_blank" rel="noreferrer noopener">researchers predict</a> that deleveraging is already advanced, and — with the assistance of deep-pocketed crypto firms stepping in to ease the contagion — debt-related mayhem may soon come to an end.



“We are trying to find who were the responsible players who were building out a good business, had a sustainable model and could use short term liquidity that could help protect customer funds,” Bankman-Fried told BloombergTV.



Added Bankman-Fried: The firm is “way more excited to bail out customers than shareholders.”



In fact, if BlockFi’s valuation was to rise above $240 million, shareholders would be unable to refuse BlockFi’s acquisition.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Let&#39;s unpick this. It consists of two elements: &#8211; a call warrant with a variable strike price conditional on unspecified performance triggers &#8211; a subordinated credit facility. Both are bad news for ordinary shareholders. <a href="https://t.co/00fIUAaBRK">https://t.co/00fIUAaBRK</a>&mdash; Cassandra Schadenfreude (@Frances_Coppola) <a href="https://twitter.com/Frances_Coppola/status/1542955153971728384?ref_src=twsrc%5Etfw">July 1, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



“The focus of this is not how much we can deliver shareholder value,” Bankman-Fried said. “It’s how do we protect customers, and I think those imply pretty different things.”



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FTX Reaches Deal To Acquire BlockFi for up to $240M

Ben Strack

Macauley Peterson

<div id="highlights-block_62b208156a41c" class="highlights">
 <ul>
 <li>The proceeds of the credit facility are intended to be contractually subordinate to all client balances, according to BlockFi CEO Zac Prince</li>
 <li>FTX-associated Alameda Research previously provided $500 million in funding to Voyager</li>
 </ul>
 
</div>



Crypto exchange FTX continues to stay busy amid the crypto market downturn, revealing on Tuesday that it has agreed to support BlockFi with a $250 million revolving line of credit.&nbsp;



FTX CEO Sam Bankman-Fried said in a <a href="https://twitter.com/SBF_FTX/status/1539268638791696385" target="_blank" rel="noreferrer noopener">Tuesday tweet</a> that his company takes seriously its duty to protect the digital asset ecosystem and its customers.



The partnership with BlockFi follows Alameda Research, a trading firm founded by Bankman-Fried, <a href="https://cms.blockworks.co/voyager-to-borrow-500m-from-alameda-amid-insolvency-rumors/" target="_blank" rel="noreferrer noopener">lending crypto broker Voyager Digital $500 million</a>. The capital gives the firm more flexibility to mitigate current market conditions, Voyager CEO Stephen Ehrlich said in a statement.



FTX also agreed to <a href="https://cms.blockworks.co/bankman-fried-belies-bear-bids-for-bitvo/" target="_blank" rel="noreferrer noopener">acquire</a> Canadian crypto trading firm Bitvo last week. Bankman-Fried <a href="https://cms.blockworks.co/ftxs-sam-bankman-fried-spots-opportunity-in-troubled-markets/" target="_blank" rel="noreferrer noopener">told Blockworks</a> in April that difficult market conditions could trigger a wave of mergers and acquisitions, and that it “wouldn’t be totally shocking” for the company to acquire some shrinking exchanges.



The proceeds of the credit facility are intended to be contractually subordinate to client balances across all BlockFi account types and will be used to bolster BlockFi&#8217;s balance sheet.



BlockFi CEO Zac Prince said in a statement that the deal will help ensure client funds are safeguarded, noting that it also unlocks future collaboration and innovation between the firm and FTX.



Prince <a href="https://www.bloomberg.com/news/articles/2022-06-21/blockfi-ceo-prince-on-credit-pact-with-ftx-crypto-plunge-q-a#xj4y7vzkg" target="_blank" rel="noreferrer noopener">told Bloomberg</a> that BlockFi received a higher volume of withdrawal requests last week, but noted the trend is returning to normal.



The capital injection comes as the industry grapples with recent cryptocurrency price plunges.



Prince <a href="https://cms.blockworks.co/cryptocurrency-lender-blockfi-set-to-cut-staff-by-a-fifth/" target="_blank" rel="noreferrer noopener">revealed on Twitter last week</a> that the company would be reducing staff by around 20%, noting that “the dramatic shift in macroeconomic conditions” had hurt BlockFi’s growth rate.&nbsp;



The <a href="https://cms.blockworks.co/wheres-the-liquidity-crypto-lending-explained/">crypto lender</a> also <a href="https://cms.blockworks.co/blockfi-says-it-liquidated-a-large-client-amid-3acs-margin-calls/" target="_blank" rel="noreferrer noopener">confirmed on Thursday</a> it liquidated an unnamed “large client” that failed to meet its obligations on an overcollateralized margin loan. The Financial Times reported that crypto hedge fund Three Arrows Capital (3AC) was the counterparty involved.



“BlockFi has careful risk management and great leadership. So they successfully removed at-risk counterparties preemptively,” Bankman-Fried said in a Twitter post Tuesday. “BlockFi customer assets are appropriately managed, with no debt/risk from 3AC, Celsius, etc.”



The CEO added in the Twitter thread that FTX would partner with BlockFi to offer “industry-leading products” going forward.&nbsp;



An FTX spokesperson declined to comment further on the company’s decision to partner with BlockFi or what future collaboration with the firm could entail.



This story was updated on Jun. 22 at 6:20 am ET.



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BlockFi Inks $250M Credit Deal With FTX To Ease Liquidity Fears

<div id="highlights-block_62a7691e56ff2" class="highlights">
 <ul>
 <li>BlockFi CEO says headcount cut is in response to worsening macroeconomic conditions</li>
 <li>The digital asset service provider will give affected employees opportunities to be included in a directory</li>
 </ul>
 
</div>



Zac Prince, CEO of cryptocurrency lender BlockFi, has <a href="https://twitter.com/BlockFiZac/status/1536372338379608065?s=20&amp;t=DMcYQ_cJ6u7mfic7yDYFXA" target="_blank" rel="noreferrer noopener">announced on Twitter</a> the company will be reducing staff by around 20%.



“Like many others in tech, we’ve been impacted by the dramatic shift in macroeconomic conditions, which have had a negative impact on our growth rate. As a result, our number one goal has been to achieve profitability so that we can extend our runway and control our destiny,” Prince said on Twitter.



The lender’s move comes as crypto companies are feeling the squeeze from continued downward market pressure, joining <a href="https://cms.blockworks.co/gemini-joins-growing-list-of-crypto-exchanges-cutting-staff-amid-downturn/" target="_blank" rel="noreferrer noopener">Gemini</a>, <a href="https://cms.blockworks.co/coinbase-latest-crypto-firm-to-cut-costs-amid-market-downturn/" target="_blank" rel="noreferrer noopener">Coinbase</a> and most recently <a href="https://cms.blockworks.co/crypto-com-cutting-5-of-workforce-amid-digital-asset-downturn/" target="_blank" rel="noreferrer noopener">Crypto.com</a> in announcing hiring freezes or mass layoffs.



BlockFi has seen explosive growth, expanding from roughly 150 employees at the end of 2020 to 850 before the layoffs. In the process, it transformed from a crypto-backed lender into a full-service institutional business that provides “financing, trade execution and private client services to leading institutions globally.”



“Today is a painful day for BlockFi but more so for employees who we have to part ways with. We are doing everything in our power to treat all of our impacted colleagues with the empathy and compassion that they deserve,” a founder&#8217;s <a href="https://blockfi.com/a-message-from-our-founders" target="_blank" rel="noreferrer noopener">statement</a> said.



The New Jersey-headquartered firm will give affected employees the opportunity to include their contact information in a directory of people looking for new roles, and will actively connect them with companies that will be hiring.&nbsp;



In February, BlockFi <a href="https://cms.blockworks.co/crypto-lender-blockfi-to-pay-100m-in-fines-to-us-regulators/" target="_blank" rel="noreferrer noopener">settled</a> with the SEC for failing to register its interest-bearing crypto accounts with the regulator, for which it paid a $100 million fine.



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Cryptocurrency Lender BlockFi Set To Cut Staff by a Fifth

<div id="highlights-block_61b891eda6842" class="highlights">
 <ul>
 <li>The more than 70,000 people using the card have so far amassed roughly 235 bitcoin since its launch in July</li>
 <li>BlockFi cardholders primarily hold the assets they earn, the survey found, as 89% percent of those earning bitcoin have retained their BTC</li>
 </ul>
 
</div>



About two-thirds of BlockFi Rewards cardholders spend less with cash-back cards because they have a crypto alternative, according to a survey conducted by the firm.



The wealth management and trading firm for crypto holders <a href="https://cms.blockworks.co/blockfi-releases-visa-rewards-credit-card-to-us-clients/" target="_blank" rel="noreferrer noopener">unveiled</a> its Visa rewards credit card for a handful of its US-based clients in July. The company at the time had 400,000 people on its waitlist, which formed in December 2020.



Though there are a few competing cards that offer price exposure to crypto, BlockFi&#8217;s offering is the only credit card that allows cardholders to keep the crypto they earn, Gaurav Gollerkeri, General Manager of Payments at BlockFi.



<a href="https://blockfi.com/credit-card/" target="_blank" rel="noreferrer noopener">The card</a> offers 1.5% back in bitcoin on all purchases. The more than 70,000 people using the card have so far amassed roughly 235 bitcoins (about $11.2 million at Tuesday&#8217;s price), according to the company.&nbsp;



BlockFi <a href="https://cms.blockworks.co/average-blockfi-credit-card-holder-on-track-to-spend-30k-per-year/" target="_blank" rel="noreferrer noopener">announced</a> three months after the launch that the average BlockFi cardholder was on track to spend $30,000 per year.&nbsp;



&#8220;We believe everyone should be able to get involved in the crypto community, and we want to lower the barrier to entry,&#8221; Gollerkeri told Blockworks.



The survey, conducted in mid-November and released Tuesday, found that about half of the nearly 1,000 respondents use the BlockFi Rewards Credit Card for at least 75% of their total card purchases.



<blockquote class="wp-block-quote">“Our users see the way the financial world is moving and are overwhelmingly switching their spending to crypto rewards cards and opting to save their crypto rewards for long-term gains as they grow their wealth,” Zac Prince, co-founder &amp; CEO of BlockFi, said in a statement.</blockquote>



BlockFi <a href="https://blockfi.com/earn-the-way-you-want-with-rewards-flex-for-the-blockfi-rewards-credit-card" target="_blank" rel="noreferrer noopener">introduced its Rewards Flex feature</a> last month, which allows cardholders the option to earn their rewards in other crypto assets, such as ether (ETH), litecoin (LTC), chainlink (LINK), pax gold (PAXG), basic attention coin (BAT) or uniswap (UNI).



A majority of cardholders appear to prefer bitcoin rewards, as only about 5% of cardholders opted to receive their rewards in a crypto asset other than bitcoin after the feature’s release, according to BlockFi.



The BlockFi cardholders primarily hold the assets they earn, the survey also found. Eighty-nine percent of them retained their bitcoin and haven’t traded out of it for another type of crypto asset since starting their accounts.



BlockFi is working to deliver enhanced rewards at select merchants to enable clients to earn even more crypto, Gollerkeri said. 



&#8220;We will be enabling clients to pay their credit card bill using stablecoins, which increases the utility of stablecoins held on our platform,&#8221; he added. &#8220;We also want to add more traditional credit card features such as adding authorized users, so that clients can earn even more rewards while helping family members build their credit history.&#8221;



The survey follows on another recently administered by BlockFi that found that <a href="https://cms.blockworks.co/blockfi-survey-finds-one-in-10-americans-are-gifting-crypto-for-the-holidays/" target="_blank" rel="noreferrer noopener">one in 10 Americans are gifting crypto</a> for the holidays. Bitcoin was by far the crypto of choice for gifting and receiving, with respondents labeling dogecoin and ether as their second and third choices, respectively.



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