A Court Application by BlockFi to Convert Trade-Only Assets to Stablecoins
Key Points:
– BlockFi has filed a court application to move “trade-only” assets from users’ accounts to stablecoins.
– This move is a part of BlockFi’s ongoing efforts to return users’ funds after previously closing withdrawals.
– The application proposes converting trade-only assets like Algorand’s native token (ALGO), Bitcoin Cash (BCH), and Dogecoin (DOGE) into stablecoins like Gemini Dollar (GSD).
– However, this proposal does not include other trade-only assets like Cardano (ADA), Solana (SOL), and Avalanche (AVAX) held by BlockFi International.
– The court application states that trade-only assets currently make up less than 0.5% of US wallet assets held by BlockFi users.
Hot Take:
BlockFi’s court application to convert trade-only assets to stablecoins is an attempt to resolve the ongoing issue of returning users’ funds. By offering an exchange to stablecoins, BlockFi aims to provide a more accessible and stable option for users. However, the exclusion of certain trade-only assets raises questions about the treatment of different cryptocurrencies. The outcome of this court application will be closely watched by the crypto community, as it may have implications for other similar platforms facing similar challenges in returning funds to their users.
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