BlockFi, founded in 2017 by Zac Prince and Flori Marquez, was a financial services company that bridged cryptocurrencies and traditional financial products. Headquartered in Jersey City, New Jersey, BlockFi offered services such as interest-bearing accounts, crypto-backed loans, and trading services to both retail and institutional clients. The company experienced rapid growth, managing over $15 billion in assets and serving more than 225,000 clients at its peak. In 2021, BlockFi secured a $350 million Series D funding round, elevating its valuation to $3 billion. However, the company faced significant challenges in 2022, including a $100 million settlement with the SEC for failing to register its loan products. The collapse of FTX and Alameda Research, to which BlockFi had substantial exposure, led the company to file for Chapter 11 bankruptcy in November 2022. After emerging from bankruptcy in October 2023, BlockFi began winding down its operations and returning assets to clients.
