Centralized crypto lender BlockFi said it had $1.8 billion in outstanding loans from institutional and retail investors and $600 million in “net risk” at the end of the second quarter.

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The disclosure came from the July 21 Transparency. Report Q2, where the firm laid out its liquidity and credit risks and shared details about its institutional and retail loan portfolios. Of $1.8 billion in outstanding loans to borrowers, the firm said $600 million were unsecured loans.

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Institutional loans accounted for $1.5 billion of total outstanding loans, while retail loans accounted for the remaining $300 million. The firm based its assets and outstanding loan amounts on the Bitcoin (BTC) price of $19,986 as a benchmark.

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BlockFi said it has developed guidelines to help “maintain the liquidity needed to meet all of our obligations across our core business, including institutional and retail lending and trading activities.”

These guidelines stipulate that it will hold at least 10% of the total amount due to customers on demand in inventory that will be ready to be returned to customers.

It will also store at least 50% of funds due to customers in locations that can be received and returned to customers within seven days, and will store at least 90% of the total amount owed to customers on demand, either in stock or credit, which can be called back within a year.

The new liquidity guidance comes weeks after BlockFi and crypto exchange FTX.US signed an agreement to send BlockFi $400 million as a “line of credit” with the option to acquire the firm for up to $240 million depending on performance triggers.

The deal came after major crypto investment company Three Arrows Capital reportedly defaulted on a loan from BlockFi.

July 20 mail Describing its risk management, BlockFi explained that it only provides unsecured loans to borrowers it considers “Tier One” customers. Tier 1 clients are institutional clients that have a “significant capital base, financial records verified by reputable third parties, and a willingness to be transparent and engage with” BlockFi.

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Clients that he considers “Tier 2 and Tier 3” clients are not allowed to make unsecured loans.