Jul 22, 2022 Frank Stewskid
BlockFi released its Q2 transparency report
The popular crypto lending platform BlockFi disclosed that it had $1.8 billion in outstanding loans as of the end of Q2 2022. According to the report published by the company, out of the $1.8 billion $600 million are uncollateralized loans. Moreover, from the total amount of outstanding loans, $1.5 billion are accounted for by institutional loans, whereas the remaining $300 million are retail loans.
We've just published our Q2 Transparency Report with a breakdown of our total AUM, retail and institutional loans, and how we manage related liquidity and credit risk.
— BlockFi (@BlockFi) July 21, 2022
https://t.co/qcdRDcYmNQ
The company states that it had established guidelines to help in maintaining the necessary liquidity to meet its obligations, which include institutional and retail borrowing and trading. The guidelines include BlockFi holding at least 10% of the total amount due to clients upon demand liquid to have it ready for return to clients if needed. BlockFi will also be holding at least 50% of owed funds in its inventory, or places that will allow it to retrieve and return it to clients within seven days.
The projects' new guidelines come weeks after it and FTX signed an agreement that FTX will send $400 million to BlockFi as a "Credit Facility" along with the option to acquire the firm for up to $240 million depending on performance stats.
