Important Information Regarding FTX & BlockFi
Evolve Bank & Trust is dedicated to transparency by providing facts in regards to our relationship with FTX and BlockFi. Please check back for updates.
Media inquiries should be sent to: email@example.com
FTX Customers: firstname.lastname@example.org
Evolve’s Relationship with BlockFi Explained – 12.1.2022
Evolve would like to clarify its previous indirect relationship with BlockFi in hopes of dispelling inaccurate rumors. To be clear, Evolve acted early to limit exposure during BlockFi’s recent difficulties. Evolve has many risk identification and mitigation processes that we use to minimize liability should one of our partners experience a material disruption. As such, Evolve has no financial exposure resulting from BlockFi.
Evolve has no financial exposure to BlockFi or to the credit card program they marketed. Evolve has been and continues to be a sponsor and issuing bank for Deserve. BlockFi is a customer of Deserve, and BlockFi’s role was limited to marketing and offering a crypto rewards program. The credit card program that Deserve maintains was a traditional credit card and was not a loan against crypto currency nor was crypto currency ever provided as collateral. Evolve has $0 credit card program balances from the program and will have no balances in the future. All related outstanding balances reside with Deserve. Cardholders need to continue to make their regular payments to Deserve in order to satisfy their outstanding obligations related to their use of the credit card.
To reaffirm our previous statements that we have published publicly, Evolve does not lend against crypto; we do not offer crypto custodial services; and we do not trade crypto or hold any form of cryptocurrency on our balance sheet. Further, Evolve does not currently, nor have we at any point in the past, invest in or transact crypto.
Evolve is well positioned to continue servicing our existing customers while also onboarding new customers. Evolve is a well-capitalized FDIC-insured institution, strictly adheres to federal regulations, and undergoes annual audits by a well-respected accounting firm.
Manage BlockFi Accounts on New Portal – 11.29.2022
While all BlockFi accounts continue to remain suspended, we encourage all users to use the new portal by Deserve to make payments, monitor transactions, view statements and more. We will provide more information as it becomes available.
As a reminder, any existing balances need to be repaid per the payment requirements outlined within your cardholder agreement.
We look forward to continuing to serve you and addressing any questions you may have. Please refer to the FAQs at deserve.com/blockfi and don’t hesitate to call 866.480.3637 or 833.426.0304 with any questions.
Response To FTX’s Relationship with Evolve – 11.22.2022
It is important to us that our customers understand our relationship with FTX. Our involvement was limited to checking accounts and debit cards for a small percentage of FTX customers. Those funds are safe and secure. As soon as we receive approval from the court that is overseeing FTX, Evolve will work to release funds back to each individual accountholder. These customers funded their own accounts with ACH transactions they originated. Evolve never processed ACH transactions for FTX or the FTX exchange.
To be clear, Evolve did not lend to FTX or their affiliates; we do not have corporate or deposit accounts with FTX or their affiliates; we do not lend against crypto; we do not offer crypto custodial services; and, we do not trade crypto. Further, Evolve does not currently, nor have we at any point in the past, invest or transact crypto. Evolve is well positioned to continue servicing our customers with no exposure. Evolve is a well-capitalized FDIC insured institution and strictly adheres to federal regulations. Evolve also undergoes annual audits by a well-respected accounting firm. We will post updates as necessary here and on our social media platforms.
Response To Recent News Regarding FTX and BlockFi – 11.18.2022
As an innovative financial institution, Evolve deploys core strategies when developing fintech partnerships. Evolve does not currently, nor have we at any point in the past, held any form of cryptocurrency on our balance sheet. Although we previously partnered with FTX and BlockFi, Evolve acted early to limit our exposure to these partners during their recent difficulties. Evolve has many risk identification and mitigation processes that we have used to reduce our liability should one of our partners experience a material disruption.
These core strategies are guiding us now and are limiting our exposure during this challenging time for our former partners, FTX & BlockFi. We are confident the measures we have taken will protect our customers and position Evolve and our partners for continued success.
Notice to FTX Accountholders – 11.11.2022
As a result of the bankruptcy announcement of FTX Trading Ltd. (d.b.a. FTX US) and affiliated companies (“FTX”), which was beyond our control and unrelated to our operations, Evolve Bank & Trust has suspended all FTX debit cards issued by us and ACH transactions to Evolve Bank & Trust accounts. We understand the impact that this will have and are working diligently to reinstate services and/or disburse the funds that are held in Evolve Bank & Trust deposit accounts as quickly as possible.
It is important to understand that funds in Evolve Bank & Trust deposit accounts are held by us as an FDIC insured institution and are eligible for FDIC insurance, subject to FDIC rules.
Evolve did not support FTX’s crypto exchange activity and will not be able to assist with any questions regarding their cryptocurrency holdings.
Questions about Evolve Bank & Trust deposit accounts contact email@example.com. Updates on FTX accounts will be sent via email.
Notice to BlockFi Accountholders – 11.11.2022
In light of recent developments at BlockFi, which are beyond our control, purchasing privileges on BlockFi Rewards Visa® Signature Cards are suspended until further notice. As a result, you will not be able to make purchases using your card. However, you will be able to view your transactions activity, download statements and make payments on any outstanding balance. Please don’t hesitate to call 833.426.0304 or email BlockFicard@deserve.com or refer to the contact information provided on the back of your card with any questions.
Your BlockFi Rewards Visa® Signature Card is issued by Evolve Bank & Trust. Please review the Cardholder Agreement Terms & Conditions for more information.