BlockFi revealed $1.8 billion in outstanding loans at the end of Q2, 2022, from institutional and retail investors.
The hobbled crypto lender released a transparency report for the quarter, which detailed its financial position amid the turmoil. In addition to $1.8 billion in outstanding loans, BlockFi’s net exposure amounted to $600 million.to institutional borrowers were approximately $1.5 billion. On the other hand, the loans to retail borrowers accounted for $300 million.
In a bid to “maintain sufficient levels of short-term assets to meet client redemption and payback obligations, and support trading activity, by keeping sufficient balances in inventory,” BlockFi has set up certain guidelines. The lender will hold a minimum of 10% of total amounts due to clients upon demand in inventory, which will be ready to be returned to clients. The guidelines also stipulate that it will also hold at least 50% of owed funds in places that can be retrieved and returned to clients within a week’s time as well as have at least 90% of total amounts due to clients upon demand either in inventory or in loans that can be called back within one year.
Despite striking the deal, BlockFi encouraged its employees to take ten weeks of paid leave and resign from the company via a “voluntary separation program,” which also has ten weeks of health insurance. The program was unveiled almost a month after BlockFi publicly announced that it would slash 20% of its staff to prepare for crypto winter.
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