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BlockFi Had $600 Million in Crypto Loans Not Covered by Collateral in Q2

Crypto lending platform BlockFi held “loan exposure” totaling $600 million by the end of June, according to the company’s “Q2 2022 Transparency Report,” released on Friday.
The report showed BlockFi held an institutional and retail loan portfolio totaling $1.8 billion, with $1.2 billion in loan collateral.
If the borrower cannot repay their debts, BlockFi may “liquidate” his collateral, assuming permanent ownership of the funds.
BlockFi reported that the fair value of stablecoins and digital assets stored in its clients’ wallet accounts was roughly half a million.
However, the firm owns another $2.6 billion in digital assets borrowed from customers through its BlockFi Interest Account (BIA) and BlockFi Personalized Yield (BPY) programs.

Disclaimer: This story is auto-aggregated & summarized by a computer program and has not been created by TokenAround.

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