Benzinga - Curve, a payments firm, is in talks to acquire cryptocurrency lender BlockFi's 87,000 credit card customers, whose credit cards were frozen on Nov. 11.
What Happened: According to a Curve spokesperson, negotiations between the two companies started on Nov. 12 and are still taking place.
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BlockFi halted withdrawals on Nov. 12 citing a “lack of clarity” over the uncertain situation at FTX (CRYPTO: FTT) and Alameda Research, which have since filed for bankruptcy protection. Since then, multiple users tweeted that they were unable to use BlockFi credit cards.
Negotiations are ongoing between Curve and Deserve (the company behind the BlockFi card program), “but a sale or partnership, agreed to, is pending the conclusion of due diligence," the Curve spokesperson was quoted as saying by Cointelegraph.
Curve did not respond to Benzinga's request for comment at the time of writing.
Curve said that Deserve is the main connection for the upcoming negotiation, not BlockFi, but that is something that needs to be verified. They also noted that Curve is not seeking BlockFi's assets.
The fintech firm wants to continue BlockFi's credit card service adding that customers will continue to earn crypto rewards.
Price Action: FTT was trading at $1.61, down 14.29% in the last 24 hours, according to Benzinga Pro.
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