The Crypto Card Conundrum
It seems that the crypto world can’t catch a break. Just when you thought you’d figured out what Bitcoin was, something else comes along to confuse us all. This time, it’s the saga of BlockFi’s credit card program and the fintech company that’s been making waves – Curve. You could say it’s a financial drama worthy of a Netflix special.
Curve’s Eye on the Prize
In a bid to shake up the crypto world more than your morning coffee shakes you up, Curve, a payments company, is in talks to acquire over 87,000 BlockFi credit card customers. You might be wondering, “What’s in it for Curve?” Well, let’s just say they’re not interested in BlockFi’s assets, just the potential of an entire customer base hungry for crypto rewards.
Negotiation Dance with BaaS Player Deserve
The discussion is, as you’d imagine, not your average chit-chat over brunch. It’s taking place with Deserve – that’s the Banking as a Service company holding the reins on BlockFi’s credit card program. The negotiations begun as quickly as Nov. 12, the day post-BF days (BlockFi, not Best Friend), and are still tiptoeing through the contractual minefield. And it seems the talks are missing BlockFi altogether, like that awkward uncle who’s omitted from family dinners.
A Win-Win for BlockFi’s Crypto Enthusiasts?
If Curve pulls this off, BlockFi users looking to get their reward fix will not miss a beat, or a Bitcoin in this case. That’s right, they still get to enjoy crypto rewards without the headache of shifting over to yet another centralized exchange. Imagine being an extra in a movie where each scene is directed by a different director – it’s that level of unsettling.
All Eyes on the Market Moves
As if this wasn’t enough to feast your eyes on, whispers have been heard that big names like Binance US and Coinbase are eyeing these customers too. However, Coinbase shot that rumor down faster than a hype train rumor on Reddit; no dice on their end! So will Curve’s acquisition be the plot twist we all want to see?
Dire Days of BlockFi
The timing of Curve’s interest comes after BlockFi left their investors holding useless plastic when they suspended withdrawals citing issues with FTX, the wolf in sheep’s clothing of exchanges recently. With credit cards suddenly going MIA, the Twitterverse was set ablaze with furious users who were still getting nudges to pay up their dues. When a credit card becomes a ‘do not swipe’ club card, you can almost hear wallets crying in unison.
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