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Blockfi’s bankruptcy plan confirmed, paving the way for distributions to customers

Cryptocurrency lender Blockfi is moving closer to returning funds to customers after a bankruptcy judge confirmed its Chapter 11 plan on Tuesday. The plan outlines a process for the company to distribute remaining assets to clients and attempt to recover additional funds.

Blockfi advances payment of customer assets following approval of Chapter 11 plan

With more than 90% of voting creditors approving the plan, Blockfi expressed optimism in achieving customer recoveries relatively quickly compared to similar crypto bankruptcies. Confirmation of the plan comes after Blockfi originally filed for bankruptcy in November 2022 amid the broader crypto market crash.

Under the approved plan, Blockfi will first distribute the remaining digital assets to customers funded in Blockfi Wallet accounts. The company will then make an initial distribution to customers with funds in Blockfi Interest Accounts (BIA) and cryptocurrency-backed retail loans.

“In the coming months, you will receive an email asking you to withdraw your funds based on the recovery amounts approved by the plan,” Blockfi told BIA and loan customers in a blog post. The company expects portfolio withdrawals to be completed before distributions to other clients begin.

Additional distributions to customers will depend on Blockfi’s success in recovering funds from the FTX bankruptcy case. Blockfi claims that FTX owes it money and intends to litigate to obtain these assets. Any funds recovered from FTX could increase customer payments.

Before distributions can formally begin, a Bermuda court that oversees Blockfis’ international clients must recognize the U.S. bankruptcy court’s approval of the plan. Once completed, Blockfi can emerge from bankruptcy and implement the liquidation process outlined in the plan.

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Ripple explains why companies are looking for solutions amid economic uncertainty

Global businesses face significant headwinds as cross-border payment volumes have recovered to pre-pandemic levels while facing the looming challenges of rising interest rates. Amid these complexities, Ripple Labs’ latest insights into the changing economic landscape reveal its cryptocurrency-based payment solutions as a countermeasure.

Main problematic points of the economic scenario

In its recent exploration, Ripple delved into the repercussions of rising interest rates, focusing on its impact on both banks and global businesses. The New Value Report 2023 states that “nearly half of the companies surveyed cited high interest rates as the main challenge for cross-border payments.”

With a diverse global impact, changes in interest rates can put pressure on companies, regardless of their geographic base.

Three crucial points are included for companies in the current economic environment. First, there are currency fluctuations that harm growth. According to Ripple, the intertwined relationship between cross-border payments and local currency conversions cannot be ignored.

The Ripple report emphasizes how interest rate increases could increase the “chances of price instability” and worsen the unpredictability of international transaction costs. They noted the potential for higher losses and stated that “this potential for higher losses may discourage investment activity and economic growth.”

Secondly, fintech highlights the rising cost of credit worldwide and the reduced liquidity situation. A 2022 C2FO survey highlighted in Ripple’s keynote highlighted that a bank’s line of credit or term loan remains the predominant source of working capital for most businesses.

This liquidity supports the efficiency of cross-border transactions. But there is an alarming note of caution: “as interest rates rise, so does the cost of borrowing, resulting in a reduction in overall liquidity in the financial system and higher cross-border transaction expenses.”

Third, Ripple addresses unequal access to financial services. Regional disparities in interest rates can inherently lead to inequalities in access to essential financial services, such as cross-border payments, especially for growing businesses or in developing economies.

Ripple highlighted the pressing challenges faced by companies in regions with high interest rates, which often hinder their ability to engage in international trade or explore markets.

Advantages of Ripple payment solutions

Given the aforementioned challenges, Ripple is pushing the narrative that blockchain can emerge as a quintessential resource for reliable, efficient and globally accessible payments.

Your justification? Deciphering and debunking common crypto myths and harnessing the potential of “blockchain-enabled payments” could allow businesses to offset liquidity impediments created by rising interest rates. This extends to a variety of payments: from global treasury payments to supplier agreements.

Ripple defends its cryptocurrency-based payment solutions by highlighting key features: “With Ripple Payments, customers can access greater working capital with reduced pre-funding requirements, upfront pricing, and no hidden fees.” These solutions promise to settle transactions in seconds, with an almost non-existent failure rate.

Furthermore, the versatility of Ripple’s solutions is manifested not only in reducing costs and increasing efficiency, but also in paving the way for business expansion. A compelling claim made by Ripple is the ability for companies to “leverage a payments network that represents more than 90% of the foreign exchange market,” making it easier for companies to venture into new payments corridors, even those considered challenging.

Given the strong growth of the sharing economy (with projected outlays reaching a staggering $298 billion by 2023 and a freelance workforce of 915 million), micropayments’ importance and geographic reach becomes even more pronounced.

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Coinbase Launches 14-Month ‘Stand With Crypto’ Initiative to Lobby US Lawmakers on Digital Assets

Coinbase, the leading US cryptocurrency exchange, is launching a 14-month lobbying effort to convince D.C. lawmakers to pass clearer regulations for digital assets.

According to a new blog post, Coinbase’s “Stand With Crypto” initiative includes several strategies, such as asking tens of millions of Americans who own digital assets to contact their representatives and advocate for pro-cryptocurrency laws.

“We are asking more than 52 million cryptocurrency owners and advocates to use their voices to defend cryptocurrencies. Stand with Crypto Alliance is doing this through a 14-month campaign that will have three elements:

  1. Leverage the Coinbase platform to mobilize cryptocurrency owners and turn them into cryptocurrency advocates with a single issue. Since Stand with Crypto was formed just a few weeks ago, over 100,000 people have already taken action through the decentralized app Stand with Crypto (accessible through the Coinbase app).
  2. A comprehensive paid media campaign across all platforms, including launching digital ads and billboards in Washington, D.C. today. to show what will be distributed nationwide.
  3. The campaign will specifically focus on nine key states that are also overindexed with respect to the number of cryptocurrency owners, including local organizing with full-time field organizers, in key states. In recent weeks, Stand with Crypto has hosted successful events in Ohio, Nevada, Georgia, and Montana that tested its ability to organize cryptocurrency advocates.

The overall effort to mobilize the 52 million Americans who own cryptocurrency will include an intense focus on the following states: AZ, CA, GA, IL, NH, NV, OH, PA, and WI. While we will share more about each state, in Georgia we will look to build a crypto club of at least 11,779 members.”

In June, the US Securities and Exchange Commission (SEC) sued Coinbase for allegedly “operating as an unregistered securities exchange, broker-dealer, and clearing agency.” The case is ongoing.

Coinbase said in a recent blog post that the SEC is taking an enforcement-only approach to the crypto space and this is “costing the US millions of jobs and creating opportunities overseas.”

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Institutions Are Moving Into Cryptocurrencies: Retail Investors Beware

As the queue for a bitcoin spot ETF grows longer, institutions are acutely aware that the time to finally get into bitcoin is drawing near. Are retail investors equally aware?

Will cryptocurrencies fall sharply?

A casual glance at cryptocurrency on Twitter or any other social media channel is enough to “confirm” that bitcoin and the cryptocurrency market are going to drop sharply and hit lows again or even go beyond them.

Rottweiler Gensler and his Securities and Exchange Commission (SEC) may have had some disappointments in their attacks on some of the biggest players in the crypto space, but the regulatory web is catching up and surely crypto can be stifled. enough to stop them in their tracks. …accompany and allow the legacy monetary system to continue its dominance without restriction.

Institutions are not stupid

However, Wall Street may be crooked, but money goes to money and institutions have finally realized that getting into Bitcoin is a no-brainer.

Of course, the likes of Blackrock and its other giants could find some way to try to manipulate bitcoin, just as gold and silver banks have done decade after decade.

Relatively small positions in the futures markets are leveraged to go short and force the price down, allowing banks to buy at lower prices and then rinse and repeat, year after year after year.

However, Bitcoin is a different animal, and manipulators should be careful, as their paper positions, with no ties to the underlying asset and cash-settled, are likely to be wiped out as Bitcoin is steadily bought.

The stars are aligning

Wall Street shenanigans or not, these institutions are still coming, and the SEC being forced to award the cash ETFs could come at the same time the US presidential race gets serious—and just right. when Bitcoin approaches its halving.

A monetary policy easing from the Fed and a bitcoin supply shock are potential factors in a bitcoin price explosion that will take the number one cryptocurrency to the top of its next cycle, perhaps in 2025.

Retail investors may be forced to pull out

No doubt retail is suffering badly as consumer prices remain unbearably high, house prices are falling, mortgages need to be refinanced (in the UK) at what could be 2-3 times current rates and jobs are declining as fast as AI. it is improving.

Bitcoin was created as an alternative asset to fiat currencies, which are controlled by central banks in our indebted monetary system. The mainstream media wants us to believe that all cryptocurrencies will eventually go to zero, and many of them could, but the reality is that “all” fiat currencies will go to zero and there is absolutely no question that this has to happen. mathematically.

On the other hand, Bitcoin is probably totally unstoppable right now. Holding $BTC and averaging is perhaps a good way to go. Time horizons should also be long, as widespread adoption may still take a few years.