***A thread on @TheRealBlockFi operations in this dynamic market*** Will also be made available on our blog.
TLDR - we're strong, growing and happy to be helping the market through this period.
Read more 👇
TLDR - we're strong, growing and happy to be helping the market through this period.
Read more 👇
1/ Given the current dynamic market and public health considerations, I wanted to share a note about how we are managing the current environment at BlockFi. Our business is very strong and continues to grow.
2/ Earlier this week we successfully launched the ability to directly transfer cash to BlockFi. We remain focused on delivering the best experience possible for our clients and team members.
3/ Regarding COVID-19 (the coronavirus), last week we tested mandatory work from home for a day. This test was successful and our team is currently "strongly encouraged" to work from home.
4/ We are fully capable of effectively operating our systems and processes remotely, if necessary. In extremely volatile markets, we generally see heightened activity across our product suite (trading, USD loans, crypto lending, and interest accounts).
5/ Directionally speaking, upwards crypto price volatility drives more USD borrowing, while downwards volatility, drives more crypto borrowing. Volatility in any direction drives trading activity.
6/ This week and, specifically today, is no different and we continue to provide liquidity to the market - but in larger volumes. All of our products and systems continue to operate as normal.
7/ We have experienced no downtime throughout this period and all transactions are being processed normally. With downward price movement, portions of our USD loan book experience margin calls (and liquidations, in some cases).
8/ We are proud of our world-class risk management system that protects BlockFi’s position and optimizes for client experience. Issuing a margin call or selling a client’s assets is never something that we want to do and our system is designed with both our clients’ interests
9/ and BlockFi’s risk management top of mind.
As with other periods of downwards volatility (e.g., November 2018), this too shall pass.
As with other periods of downwards volatility (e.g., November 2018), this too shall pass.
10/ At BlockFi, we fundamentally believe that investing in digital assets represents one of the best risk-adjusted return profiles available in the market. We become stronger – as a company and as an industry – through every period of volatility that we endure.
11/ Wishing you the best in these dynamic times and don’t hesitate to reach out if we can be helpful.
Thanks,
Zac
Thanks,
Zac
