BlockFi confirms move to allow wallet users access to funds
BlockFi released a statement on Dec. 20 confirming a motion filed in relation to BlockFi wallet users accessing funds. The terms of service (ToS) for the wallet clearly state that the ownership of the cryptocurrency stored therein remains the property of the individual, not BlockFi.
The company is most well known for its yield-bearing service, BlockFi Interest Accounts; however, a core product within the BlockFi ecosystem was a custodial crypto wallet. The wallet was not subject to lending services; thus, BlockFi argued that ” it is our belief that clients unambiguously own these assets.”.The ToS for the wallet product also confirms that it is a “non-interest-bearing”.
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