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BlockFi emerges from bankruptcy, Worldcoin suspends USDC payments, and other updates in the crypto industry

BlockFi emerges from bankruptcy, Worldcoin suspends USDC payments, and other updates in the crypto industry

This week’s Crypto Biz brings you updates on BlockFi’s emergence from bankruptcy, BlackRock’s spot Bitcoin ETF developments, and changes in Worldcoin’s payment scheme. Here are the key points:

– BlockFi has announced its emergence from insolvency, allowing it to repay its creditors. The crypto lender had lent FTX over $650 million, making it one of the exchange’s largest creditors.

– FTX, which recently reclaimed $7 billion in assets, is considering various options for its future, including selling the entire exchange or partnering with another entity. BlockFi, on the other hand, is winding down its operations according to court filings.

– BlackRock’s spot Bitcoin ETF has been listed on the Depository Trust & Clearing Corporation (DTCC), indicating potential approval by the SEC. The SEC has until January 10, 2024, to make a final decision on the ETF.

– BlockFi has opened wallet withdrawals for its customers, while BlockFi Interest Account and Loan customers will be able to withdraw some assets in early 2024. The platform will also attempt to recover assets from other firms it believes owe it money.

– Ledger, the hardware wallet firm, is rolling out its cloud-based private key recovery solution despite facing criticism. The solution, provided by Coincover, allows users to back up their secret recovery phrase.

– Worldcoin is transitioning from paying its Orb Operators in USD Coin (USDC) to its native Worldcoin (WLD) token. This change will take place as early as next month and is part of the project’s transitional phase.

Summary:

– BlockFi emerges from bankruptcy and plans to repay creditors.

– BlackRock’s spot Bitcoin ETF listed on DTCC, awaiting SEC approval.

– Ledger rolls out cloud-based private key recovery tool.

– Worldcoin transitions from paying Orb Operators in USDC to WLD token.

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