BlockFi Emerges from Bankruptcy

In a dramatic twist of fate, crypto lender BlockFi has emerged from the shadows of insolvency this week. This comes just days after the beleaguered FTX announced a significant asset reclamation of about $7 billion. In a soap opera worthy of prime-time TV, BlockFi finds itself amidst a tangled web of financial obligations, having lent more than $650 million to the now infamous FTX. As one of its biggest creditors, BlockFi’s ability to repay its customers is now intricately tied to FTX’s asset recovery efforts.

FTX’s Future: A Dilemma of Options

FTX’s leadership, freshly appointed and evidently on a money-saving mission, is weighing its options for survival. They might just sell the entire exchange, which boasts a whopping nine million customers, or possibly partner with another institution for revival. “We’re not done yet!” seems to be the mantra as they even contemplate an independent comeback. Whatever route they choose, one thing’s for sure: the stakes are higher than caffeine levels at a Wall Street trading desk.

BlockFi’s Plans Unveiled

As BlockFi rolls out the welcome mat back into the realm of financial operations, they’re also opening the doors for wallet withdrawals. According to a recent blog post, the company announced that withdrawals are now available for almost all wallet customers. Those seeking funds from BlockFi Interest Accounts and loans will have to wait until early 2024—because who wouldn’t enjoy a nice ride on the waiting train?

BlackRock’s ETF Progress

Meanwhile, in the land of high finance, BlackRock shakes things up with its spot Bitcoin ETF application. The iShares ETF is now listed on the Depository Trust & Clearing Corporation (DTCC), which is a major color signal suggesting that approvals from the SEC could be a mere heartbeat away. According to Bloomberg’s ETF guru Eric Balchunas, this is the first of its kind on the DTCC, which makes it a big deal in the investment playground. Not to throw a wrench in the works, but the SEC has until January 10, 2024, to deliver the verdict—consider it the modern-day suspense thriller.

Worldcoin’s Transition to WLD Payments

Finally, Worldcoin is set to make waves by phasing out cash cow USD Coin (USDC) in favor of paying Orb Operators with its own token, Worldcoin (WLD). They’re calling it a transitional phase since the project’s grand launch on July 24. If you’re in the business of scanning eyeballs for rewards, prepare for a shift and keep your eyes on WLD, which has seen a supply surge from 100 million to 134 million tokens in just a few short months.