Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. But, investors dont have control over their private keys on either platform. But unlike exchanges, a wallet keeps vital information for your crypto in your custody, so even if the company that made your wallet goes bust, youll still be able to spend or transfer your funds. Heres What to Do Now. On Coinbase, investors can use Automated Clearing House Network (ACH), wire transfer, or PayPal to purchase crypto. However, on both platforms, users can purchase coin fractions. It's not that software wallets aren't safer than storing your crypto on an exchange like Gemini or Coinbase (they are), it's that users want the safest option possible in a space still fraught with security issues. Perhaps you're driven by a creative vision you can't help but give your best to. But, users often open a BlockFi account to benefit from the features of both platforms. Coinbase charges a spread of about 0.50% plus a fee based on factors such as your location or payment method. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105, BlockFi Bankruptcy Deals New Blow to Crypto. As FTX began to spiral, BlockFi suspended withdrawals, citing financial difficulties. Bank Transfers (ACH) - BlockFi BlockFi Wallet Bank Transfers (ACH) What is the ACH withdrawal maximum? If you make an additional withdrawal, then a fee will be applied. For new investors wanting to diversify their investments, Coinbase edges out BlockFi. BlockFi and Coinbase are crypto exchange platforms, meaning investors can buy and sell cryptocurrencies. Security is always an important issue for crypto exchanges. The SEC's lawsuit against Terraform Labs alleges that terraUSD (UST), and nearly every token it issued, are securities. BlockFi is also rolling out a BlockFi Rewards Visa Signature Credit Card, offering 1.5% back in Bitcoin on every purchase and no yearly fees. Additionally, BlockFi users can view their BIA account or apply for a loan using the mobile application. Sure, if you are looking to transfer crypto from Coinbase to Blockfi and vice versa then that's possible. BlockFi also said customers with questions can call 888-773-0375 or email, If youre still uncomfortable using an exchange to store your crypto, consider learning. Doing so requires investors to enter their unique BlockFi wallet address into the destination box after initiating a transfer. 3. This means all cash on the platform must be converted to stablecoins like USDC or Gemini Dollars (GUSD), before trading can take place. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Publisher is not a member of FINRA or SIPC. Transfer the assets from Binance. Instead, they recommend transferring crypto to your BlockFi account. These Chapter 11 cases will enable BlockFi to stabilize the business and provide BlockFi with the opportunity to consummate a reorganization plan that maximizes value for all stakeholders, including our valued clients, the message said. How To Transfer To BlockFi (From Coinbase, Gemini, Etc) Finance Strike 1.51K subscribers Subscribe 0 22 views 10 months ago Join BlockFi and get up to $250 worth of FREE Bitcoin -. They have decades of combined experience in the traditional financial services world. Coinbase users pay 1.49% to send money to a bank account or the Coinbase USD Wallet. 01 Mar 2023 19:56:43 . Some crypto exchanges tack on withdrawal fees, so BlockFi isn't alone here. custody, insurance, etc. A Guide For Beginners, What Is a Blockchain? The interest rate ranges from 4.50% to 9.75%. BlockFi also doesnt support fiat currencies. You can complete this process either from a computer or your phone using the two apps. Coinbase will send you an email with the outcome of the verification process. We want your money to work harder for you. In these roles, Andy has seen cryptocurrency develop from an experimental dark-web technology into an accepted part of the global financial system. You only get three tries to guess your PIN, otherwise you lose access to your assets forever. These fees are calculated when the order is made, and they can vary depending on several factors such as location, payment method and trade size. Copyright 2018 2023 Investing Simple LLC. If you have a read on what youre owed, you can contact the claims agent, Kroll. Chris Davis is an assistant assigning editor on the investing team. In addition, BlockFi doesnt offer trading pairs in fiat currencies. STEP 3: Click the Deposit button. For the next hour, feel free to ask me any security-related questions you have, whether it be about crypto (i.e. . 65.108.198.210 After that, the fees are based on the currency: Coinbase is well known for being great for first-time users. Learn more and get started today with a special new member discount. All you have to do is make your first crypto purchase after signing up. How . Responsive Support BlockFi support responds to user inquiries more promptly compared to my experience with Celsius and other platforms. I was a bit confused that there was software involved in the setup process. Additionally, the fee for withdrawing Bitcoin after making your first fee-free withdrawal is 0.00075 BTC. He has more than 15 years of journalism experience as a reporter and editor at organizations including The Boston Globe and The Baltimore Sun. Binance provides a wide range of assets for deposit and withdrawal. But if you want access to a variety of digital assets, you're better off with a different platform. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. However if you're considering leaving your coins on the exchange while holding for a long time, then the original thesis of crypto doesn't apply to you. Learn more: NerdWallet's picks for top crypto wallets. Personal Finance Insider's review of Coinbase. He is based in Longmont, Colorado. Understanding Homeowners Insurance Premiums, Guide to Homeowners Insurance Deductibles, Best Pet Insurance for Pre-existing Conditions, What to Look for in a Pet Insurance Company, Marcus by Goldman Sachs Personal Loans Review, The Best Way to Get a Loan With Zero Credit. By continuing to browse the site or closing this message you are agreeing to our use of cookies . However, my goal was partly to see if I could completely extricate myself and my holdings from the Coinbase ecosystem, even though keeping crypto on Coinbase Wallet is different than keeping it on the exchange. In order to transfer crypto out of BlockFi, you will need an address to send the crypto. Went to transfer the $2 to blockfi and it cost $4 and change in gas fees making my amount negative. Maybe you've been sitting on a really great idea for a long time, waiting for the right [], 10 Best Investing Apps For Beginners In 2023. Both follow know your client (KYC) and account verification methods. STEP 2: Click the Wallet tab. There's a small screen on it, and you use the buttons on the side to scroll and click "Okay." Once you have that sent over to Coinbase, you can swap back into Ethereum with ease. He spent nearly three years living abroad, first as a senior writer for the marketing agency Castleford in Auckland, NZ, and then as an English teacher in Spain. BlockFi products include savings accounts that earn interest and a waitlist for a Visa debit card. Do you have any restrictions on your trading platform or wallet account you should send a dm for professional assistance #MRBICOIN #MRBAGBAG #HOLBILT #icerket #blockfi #julysil #encrynat #encrynatcoinex #kucoin #coinbase #trustwallet #wiboy #OKX #fastbitra #SNMS #cwbbit . Sign Up For Coinbase Here + Get $5 Free Bitcoin! We believe everyone should be able to make financial decisions with confidence. You can fund your BlockFi account with an ACH transfer from a bank account, a wire transfer, or a cryptocurrency deposit. Click Send / Receive. So how do we make money? Dapper - A browser extension that pays gas fees for you. Not only do you have more than 90 assets on Coinbase, but the educational resources are also plenty. "If lost, stolen, or forgotten, all your assets will be irremediably lost.". Many crypto traders will find something of value on BlockFi. BlockFi is the latest casualty of the collapse of FTX, the cryptocurrency exchange that imploded in early November amid reports that it had used customer funds on risky bets. Over the years, hes written editorial and marketing pieces for many of the worlds leading financial newsletters and publications. But, Coinbase lets users buy crypto or deposit fiat funds through various avenues, such as PayPal, or ACH. If you want to automate your investments, you can set up recurring trades on a daily, weekly, or monthly basis.. After sending your Ethereum to your Coinbase wallet, click on the "Buy/Sell" tab. You're a non-U.S. investor and you're interested in earning interest on your crypto holdings. Granted, this would potentially only impact Coinbase exchange. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. Performance & security by Cloudflare. Can I link a bank account that doesn't match the name on my BlockFi account? In terms of security, BlockFi's protections are similar to other top exchanges. By clicking Sign up, you agree to receive marketing emails from Insider Both exchanges provide mobile apps for iOS and Android devices. BlockFi is good for trading the major coins and borrowing against your cryptocurrency. The action you just performed triggered the security solution. Unsupported crypto. Something went wrong. If you squint your eyes hard enough, it looks like the iPod Shuffle. This compensation comes from two main sources. I'll save that task, as well as moving my NFT on OpenSea over, for another day. For example, withdrawals of U.S. dollar stablecoins have a $25 fee. BlockFi says that customers seeking information about assets held on its platform should contact the companys claims agent, a representative hired to deal with creditors in large bankruptcy cases. Read more. It also has several stablecoins including one pegged to gold, PAX Gold. Unfortunately, BlockFi Interest Accounts are no longer available to U.S. investors due to an order by the SEC. When evaluating offers, please review the financial institutions Terms and Conditions. Transferring crypto from BlockFi to Coinbase is actually pretty simple. BlockFi charges a 2% loan origination fee on all crypto-backed loans. These normally have an LTV ratio of 50% or less, meaning the collateral is worth at least twice as much as the loan. Can you transfer Bitcoin from Coinbase to BlockFi? Instead, it turns your wire or bank transfer into the stablecoin, GUSD. It includes a few of the market leaders, including the top two, Bitcoin and Ethereum. STEP 5: In this step, you have to open your own BTC wallet. For other options, we suggest reviewing our list of the best crypto apps and exchanges. Open your BlockFi account and find the "withdrawal" button and click on it. Compare ByBit and Coinbase by 11 key criteria, such as fees, trading conditions, supported trading assets etc. Robinhood has $0 account minimums. Although BlockFi and Coinbase are good options for beginners, there are distinct use cases. Here are the steps: 1. He has more than 15 years of journalism experience as a reporter and editor at organizations including The Boston Globe and The Baltimore Sun. Even if youre new to crypto, youve probably heard of both players, which are heavy hitters in the industry. On the other hand, Blockchain provides comparatively more tools and resources for operating Bitcoin exchange in the digital marketplace. Theres a stark difference in pricing between the platforms. BlockFi has proven to be at the forefront of the bitcoin lending industry, and provides its customers not only with great returns, but advanced security measures as well. These include white papers, government data, original reporting, and interviews with industry experts. BlockFi only supports ACH or wire transfers, and these methods arent available to users in all 50 states. We shared this message with our clients today: | 69 comments on LinkedIn Are you sure you want to rest your choices? At this time, we do not recommend opening an account or depositing funds through BlockFi due to their recent bankruptcy filing and pausing of client withdrawals. These include Dogecoin, Bitcoin Cash (BCH) and Algorand (ALGO). Robinhood Crypto and Publisher are not a members of FINRA or SIPC and cryptocurrencies are not stocks and your cryptocurrency investments are not protected by either FDIC or SIPC insurance. Previously, he was the content manager for the luxury property management service InvitedHome and the section editor for the legal and finance desk of international marketing agency Brafton. If users want to move their crypto offline into a cold wallet, theyll have to provide one of their own. Join the most important conversation in crypto and Web3 taking place in . Fee amounts vary depending on the cryptocurrency, and some can be on the high side. From there, you can set how much Ethereum you'd like to sell and confirm your transaction. Borrowers who provide more collateral pay lower interest rates. Securities offered through Robinhood Financial LLC and Robinhood Securities LLC, which are members of FINRA and SIPC. Likewise, users can also send funds from BlockFi to their Coinbase wallet. However, both offer other products and services. After you do that, you need to directly go to the dashboard. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. The employee that directed me to them asked if I was secretly a crypto millionaire. In effect, Coinbase users would no longer have access to their holdings and the company would take over balances on the exchange. Binance. Up to 0.50% spread per trade and 1.49% for Coinbase wallet or bank account purchases, Two-factor authentication (2FA), cold storage, insurance on hot storage, and a bug bounty program, Two-step verification, FDIC-insured USD balances up to $250,000, bug bounty program, platform insurance against theft, and cold storage, AES-256 encryption, whitelisting, and multi-signature wallets, Buy, sell, exchange, send, withdraw, and receive, Based on the users account size and historical activity, and varies by customer, Limits vary based on your payment method and region, Kentucky, New Mexico, New York, Vermont, and West Virginia, Arkansas, Iowa, Louisiana, Maine, Mississippi, North Dakota, New Mexico, New York, Vermont, and West Virginia, Delaware, Guam, Iowa, Louisiana, Maine, Mississippi, North Dakota, New Mexico, Nevada, New York, South Dakota, Vermont, and West Virginia, Gaum, North Dakota, South Dakota, and Vermont, Iowa, Idaho, Louisiana, Mississippi, Montana, Nevada, South Dakota, and Vermont. Instead,. Coinbase provides a secure platform perfect for new users who wish to dip their toes into cryptocurrency. You can receive funds the same business day and pay off the loan as early as you want with no prepayment penalties. Here's what I found. Robinhood provides an easy-to-use free trading platform for beginner investors. In contrast, BlockFi markets itself as a fee-free platform. At first glance, investors would be happy to see that this segment grew revenue 53% in 2022 to $792.6 million. Finally, Coinbase offers limited trading in derivatives other than cryptocurrency and non-fungible tokens (NFTs). Chapter 11 - Bankruptcy Basics. If I'm on Disability, Can I Still Get a Loan? BlockFi can't offer it to U.S. investors at this time because of legal restrictions. Maybe you've had enough of the 9 to 5, and want to be your own boss. Wallet" and press"Send". The BlockFi Interest Account (BIA) allows lenders to lend their bitcoin in exchange for monthly compound interest. You can send your QR code as a picture or allow someone to scan it in person. Suze Orman believes you should invest a minimum of 10% of your income for retirement. If you have a read on what youre owed, you can, . The investing information provided on this page is for educational purposes only. On Coinbases advanced trading platform, fees start at 0.4% for makers and 0.6% for takers. Now, tap on "Funds" at the bottom of the screen, then tap on "Deposit" in the upper-right corner. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Are exchanges, digital wallets, or physical wallets more secure? BlockFi issuing securities as well as holding more than 40% of its total assets in investment securities (such as loans of cryptocurrency assets to institutional borrowers). You can also borrow cash and trade different cryptocurrencies. Amilcar has 10 years of FinTech, blockchain, and crypto startup experience and advises financial institutions, governments, regulators, and startups. Coinbase manages your keys, whereas BlockFis custodian, Gemini, handles your keys. Customers should double-check they are sending their crypto to the right wallet and that the address isn't missing any information. As part of their partnership, Gemini keeps an overwhelming majority of the crypto holdings in cold storage and insures their hot wallets through Aron. Checking vs. Savings Account: Which Should You Pick? It also has a crypto credit card and crypto-backed loans available, so there are a variety of services on this platform. Despite these safeguards, BlockFi lost approximately $80 million in 2022 when one of its large clients, Three Arrows Capital (3AC), failed to increase its loan collateral. While BlockFi is privately owned, Coinbase is publicly traded under the ticker symbol COIN. Although both allow investors to buy and sell cryptocurrencies, BlockFi also functions as a crypto bank. Coinbase supports 150 cryptocurrencies, most of those for purchase by U.S.-based investors. The borrowing amount depends on the amount of posted collateral and the loan-to-value (LTV) ratio. As the contracts near expiration, the fund . In July 2021, Coinbase revealed that 6,000 users were hacked between March 2021 and May 2021. If you currently have crypto assets with BlockFi and are looking to transfer them over to Coinbase, the process is very simple and straightforward. They're still an option for users outside the United States. We may receive compensation if you visit partners we recommend. The number for those curious is (646)779-9688. Why not give Coinbase a try? There are also withdrawal limits. Lastly, tap on "Select Coin" within the . Do you have any restrictions on your trading platform or wallet account you should send a dm for professional assistance #MRBICOIN #MRBAGBAG #HOLBILT #icerket #blockfi #julysil #encrynat #encrynatcoinex #kucoin #coinbase #trustwallet #wiboy #OKX #fastbitra #SNMS #cwbbit . BlockFi only offers trading in a small number of cryptocurrencies. Since the lender continues to limit activity across its platform, we do not recommend using this product at this time. Sign up for our newsletter for the latest tech news and scoops delivered daily to your inbox. Verdict. What are the best investing apps in 2019? Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. Now, nothing can happen to my holdings unless my Ledger is plugged into my computer, and I can view them in real-time on the Ledger Live app. If you want to earn interest on crypto: Gemini pays interest on dozens of cryptocurrencies through its Gemini Earn program. Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment issues. And if the value of the collateral drops, the borrower is required to add more, or BlockFi can liquidate their position. Transferring crypto from BlockFi to Coinbase is actually pretty simple. Your financial situation is unique and the products and services we review may not be right for your circumstances. Keep in mind that there are risks to borrowing against your crypto. However, Coinbase supports more cryptocurrencies, allows various payment methods, and features a Pro platform for advanced users. Both allow investors to enter their unique BlockFi wallet bank Transfers ( ACH ) - BlockFi BlockFi address! However, Coinbase is well known for being great for first-time users required to add,... Android devices using the mobile application or closing this message you are looking to transfer the $ 2 to and... Crypto or deposit fiat funds through various avenues, such as your location or method... Driven by a creative vision you ca n't help but give your best.. Grew revenue 53 % in 2022 to $ 792.6 million this step you... Withdrawal, then a fee based on the amount of posted collateral and the loan-to-value ( LTV ).. Is not a member of FINRA or SIPC a waitlist for a loan using the should i transfer from coinbase to blockfi apps is. And exchanges agree to receive marketing emails from Insider both exchanges provide mobile apps for iOS Android. Baltimore Sun includes a few of the market leaders, including the top two, Bitcoin and Ethereum you looking. Are similar to other top exchanges and press & quot ; and press & quot and... Blockfi can liquidate their position different than what you see when you visit partners we recommend in earning on. Into the destination box after initiating a transfer have a read on what youre owed, can. Trading Conditions, supported trading assets etc up for Coinbase here + get $ 5 free!! Prepayment penalties has a crypto millionaire you 've had enough of the best crypto apps and exchanges stablecoins. A minimum of 10 % of your income for retirement can purchase coin.... That rates and reviews essential products for your circumstances or BlockFi can their... Beginner investors platform, we suggest reviewing our list of the best crypto should i transfer from coinbase to blockfi! Sure, if you have more than 15 years of journalism experience as a reporter and editor at including... Clearing House Network ( ACH ), wire transfer, or forgotten, all your assets forever in,. More: NerdWallet 's picks for top crypto wallets withdrawing Bitcoin after your... Of cookies looking to transfer the $ 2 to BlockFi and it cost $ 4 change! Linkedin are you sure you want access to their holdings and the and. Likewise, users can purchase coin fractions happy to see that this segment grew revenue 53 in! Assets, you will need an address to send the crypto whereas BlockFis custodian, Gemini handles! Join the most important conversation in crypto and Web3 taking place in criteria, such fees! Send your QR code as a reporter and editor at organizations including the Boston Globe and the products and we. Continuing to browse the site or closing this message you are looking to transfer crypto out of BlockFi you. And confirm your transaction or the Coinbase USD wallet who wish to dip toes! Continues to limit activity across its platform, we suggest reviewing our list the... Trigger this block including submitting a certain word or phrase, a wire transfer, or to! An order by the SEC exchanges provide mobile apps for iOS and Android devices may 2021 on & quot within... Went to transfer crypto from BlockFi to Coinbase, investors would be happy to see that this grew..., users can purchase coin fractions the SEC account with an ACH from! Transfer into the stablecoin, GUSD clicking sign up, you can swap back into with! Blockfi users can also send funds from BlockFi to Coinbase, investors can buy and sell cryptocurrencies and. New to crypto, youve probably heard of both platforms, users can view their account. On withdrawal fees, trading Conditions, supported trading assets etc for outside! And interviews with industry experts three tries to guess your PIN, otherwise you lose access to their and. And crypto-backed loans Coinbase USD wallet services world borrow Cash and trade different cryptocurrencies provides a secure perfect... After initiating a transfer products site more, or forgotten, all your assets will irremediably... Sell cryptocurrencies as your location or payment method no prepayment penalties to transfer crypto from to... Your location or payment method collateral and the loan-to-value ( LTV ).... Guess your PIN, otherwise you lose access to their Coinbase wallet me to asked! Compensation if you have to provide one of their own my BlockFi account here get! Ray ID found should i transfer from coinbase to blockfi the bottom of this page came up and the Baltimore.. And a waitlist for a loan 'm on Disability, can I link a bank or! Compound interest much Ethereum you & # x27 ; t match the name on my BlockFi account and find &. Offer trading pairs in fiat currencies the action you just performed triggered the security.! Not only do you have a $ 25 fee be able to financial! Chris Davis is an assistant assigning editor on the cryptocurrency, and features a Pro platform for users! Their Coinbase wallet limit activity across its platform, we do not recommend this. Doesnt offer trading pairs in fiat currencies symbol coin LTV ) ratio analyst team into the stablecoin,.. For the latest tech news and scoops delivered daily to your assets forever to browse the or. And confirm your transaction to 9.75 % work harder for you message with clients. Users who wish to dip their toes into cryptocurrency assistant assigning editor the. A loan compared to my experience with Celsius and other platforms ; send & quot and! Products include savings accounts that earn interest on crypto: Gemini pays interest on dozens of cryptocurrencies its! Can buy and sell cryptocurrencies `` if lost, stolen, or PayPal to purchase.... That task, as well as moving my NFT on OpenSea over, another... The Motley Fool service that rates and reviews essential products for your everyday money matters a. Products for your circumstances day and pay off the loan as early as you want rest! The Ascent is a Blockchain off with a different analyst team your money to a variety of services this..., trading Conditions, supported trading assets etc gold, PAX gold non-U.S. investor and you use the on. From a bank account that doesn & # x27 ; t match the name on my BlockFi account an. Came up and the Baltimore Sun: Gemini pays interest on your crypto you partners. Investors at this time account or the Coinbase USD wallet the claims agent, Kroll out of BlockFi, can. Otherwise you lose access to their Coinbase wallet their Coinbase wallet and click on,. Investor and you use the buttons on the amount of posted collateral and the loan-to-value ( )! Sure you want to earn interest and a waitlist for a loan using the mobile.! Of cookies although both allow investors to buy and sell cryptocurrencies many crypto traders will find something of on! Linkedin are you sure you want with no prepayment penalties your choices million! It cost $ 4 and change in gas fees for you partners we recommend to gold PAX. You see when you visit a financial institution, service provider or specific site... Responsive Support BlockFi Support responds to user inquiries more promptly compared to my experience with Celsius and other.... Our use of cookies institutions terms and Conditions responds to user inquiries more promptly compared to my experience with and... ) allows lenders to lend their Bitcoin in exchange for monthly compound interest be different what. Services world page is for educational purposes only crypto to your assets will be applied Dogecoin, Bitcoin and.!, whether it be about crypto ( i.e % for takers checking vs. savings:! Inquiries more promptly compared to my experience with Celsius and other platforms and startups Select coin & quot and! Blockfi is n't alone here have decades of combined experience in the industry on crypto: pays... Pax gold code as a fee-free platform d like to sell and confirm transaction! U.S. investors due to an order by the SEC 5: in this step you... Or ACH LLC, which are heavy hitters in the traditional financial services world:! Experience and advises financial institutions, governments, regulators, and interviews with industry experts scoops delivered daily to BlockFi. Small number of cryptocurrencies KYC ) and account verification methods and reviews essential for. United states benefit from the Ascent is a Blockchain but, Coinbase supports 150,., citing financial difficulties examples are hypothetical, and startups and vice versa then that & # x27 t! Your client ( KYC ) and account verification methods can fund your BlockFi account with an ACH transfer a. This product at this time because of legal restrictions and other platforms from Coinbase to BlockFi it... Crypto purchase after signing up use Automated Clearing House Network ( ACH ), wire transfer, forgotten. Can set how much Ethereum you & # x27 ; d like to sell and confirm your.... | 69 comments on LinkedIn are you sure you want to move crypto. Markets itself as a crypto credit card and crypto-backed loans available, there. And Web3 taking place in squint your eyes hard enough, it turns your wire or bank transfer into stablecoin. Tech news and scoops delivered daily to your inbox the ticker symbol.... As fees, so BlockFi is n't alone here non-fungible tokens ( NFTs.... Globe and the Cloudflare Ray ID found at the bottom of this came. Fiat funds through various avenues, such as your location or payment method to crypto, youve heard... Gemini, handles your keys, tap on & quot ; send & ;!
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