BlockFi Reports Almost $2B in Outstanding Loans per Q2

Cryptocurrency lending giant BlockFi had $1.8 billion of outstanding loans in Q2, 2022. According to the firm’s “transparency report,” it had about $600 million of uncollateralized loans from $1.8 billion.

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The New Jersey-based firm also revealed it lent about 46% of $3.9 billion to institutional and retail investors, while the other 35% was held with third-party custodians and multi-party-computation wallets and accounts.

Gemini, BlockFi Cut More Workforce

As the crypto market’s crash forced BlockFi to seek new cash from FTX, the firm established new guidelines to manage its liquidity risks. According to the update, BlockFi will hold “at least 10% of total amounts” due to clients upon demand in inventory, ready to be returned to clients.

BlockFi also said it “aims” to hold at least 50% of total amounts, which could be called within seven calendar days. The firm also “aims” to hold at least 90% of total amounts due to clients upon demand “either in inventory or in loans that can be called back within one year.”

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