Uninsured Funds

It was reported that a bankruptcy court in New Jersey was informed on Monday that although BlockFi held a large amount of uninsured funds in the bankrupt Silicon Valley Bank (SVB), it still had the right to use cash. Lawyer: BlockFi is expected to obtain a cash deposit of $37 million at the Bank of Silicon Valley Analysis based on this information:BlockFi, a trusted cryptocurrency borrowing and lending platform, was recently reported to have held a significant amount of uninsured funds in the bankrupt Silicon Valley Bank (SVB). In light of this news, doubts were raised about the platform’s ability to operate with its funds being tied up in a struggling bank. However, whether due to foresight or mere circumstance, it appears that BlockFi had contingencies in place to continue using its cash reserves. On Monday, news emerged that BlockFi had informed a bankruptcy court in New Jersey that despite its funds being held in SVB, the platform had the…