A letter from our BlockFi founders to all its clients

<p>We are pleased to share that today we have reached an agreement with U.S. federal and state regulators – outlining a clear path forward for BlockFi and for Americans to earn crypto interest. Today’s resolution outlines the finer points of that agreement, and we wanted to share some additional context with you all.</p> <p>At BlockFi, we envision a world where blockchain powered financial products and services accelerate prosperity worldwide by providing more access and better economic outcomes. We are proud to have reached this agreement which creates a foundational path forward for our U.S. clients and the wider crypto industry.</p> <p>What’s along this path?</p> <p>Put simply – increased regulatory clarity we’ve been hoping for. We were the first crypto company to receive a state-level license to issue crypto-backed loans to U.S. consumers in 2018 and this is the next major example of how we prioritise cooperation with regulators.</p> <p>With today’s resolution, we are leading the creation of a new regulatory landscape for crypto and our clients. As we shared earlier, we intend to file or confidentially submit a registration statement to the SEC for BlockFi Yield, a new crypto interest-bearing security.</p> <p>What does this mean for you – our clients?</p> <p>Existing U.S. BlockFi Interest Account (BIA) clients will maintain their accounts and will continue to receive interest as they always have. BIA clients based in the United States may not add further assets into their BIAs. Once the BlockFi Yield registration statement is declared effective by the SEC, BIAs of U.S. clients will be exchanged for BlockFi Yield and you will be able to add incremental assets to your account, unless clients instruct us otherwise.</p> <p>All U.S. clients will receive an email and in-product communications with further details on changes to their client experience. If you have questions, please contact our Client Success team.</p> <p>Existing and prospective BlockFi clients outside of the U.S. are unaffected by these ch