BlockFi Co-Founder Joins SoFi’s Crypto Unit Amid Industry Resurgence

Flori Gilroy, a co-founder of the now-defunct crypto lending firm BlockFi, has taken on a new role as the senior vice president of SoFi’s crypto unit. This appointment was confirmed through an update on SoFi’s website and by a source familiar with the company’s operations. The exact timing of Gilroy’s new position remains unclear, as neither Gilroy nor SoFi responded to requests for comment.

Gilroy, who was previously known as Flori Marquez during her tenure at BlockFi, joins SoFi after her former co-founder, Zac Prince, was hired by Galaxy. This move marks a return to the crypto industry for both BlockFi co-founders following the company’s bankruptcy. BlockFi, once a prominent player in the crypto lending space with significant backing, faced financial turmoil due to the collapse of Three Arrows Capital in 2022. The company was acquired by FTX for $240 million but ultimately filed for bankruptcy after FTX’s own downfall.

SoFi’s connection with Gilroy dates back to 2018 when the online bank and fintech company invested in BlockFi’s seed round. This year, SoFi is revamping its crypto services after suspending crypto trading in 2023 due to new regulations from the Federal Reserve. In a late June press release, SoFi announced plans to launch global remittances and crypto investing later this year, marking the beginning of several planned crypto and blockchain innovations.

Meanwhile, the administrator overseeing BlockFi’s bankruptcy proceedings recently settled a lawsuit with the US Department of Justice regarding the proposed transfer of some of BlockFi’s crypto assets to the government. BlockFi officially emerged from bankruptcy in October 2023.