IMPORTANT - ACTION REQUIRED IF YOU HAVE A BLOCTO WALLET
Note: if you do not have a Blocto wallet, you can safely ignore the following
Summary:
Blocto (wallet provider on Flow) shared an update that they will be discontinuing some services on Flow
Blocto has said that all assets are safe and will remain safe
We are still learning more, but unfortunately, it appears that this WILL impact users on Flowty who use Blocto - we believe users will no longer be able to connect to Flowty with a Blocto wallet starting 11/19 at 7 PM PT
We are still gathering information concerning the direct impact on Flowty users, but we do have some immediate recommendations:
Move Assets Away From Blocto ASAP. Options:
(Flowty Recommended Option) Migrate your Blocto Wallet to a Flow Wallet. Link to guide here.
Send ALL assets from your Blocto Wallet to another one of your wallets on Flow, list here.
Please share this message with any friends who may use Blocto on Flow / Flowty
Stay tuned for more updates from us, and look out for updates from the Flow team
Resources:
The message that the Blocto team shared with us is included in the attached two screenshots. We have shared the message in its original form for transparency. We do not have insight into discussions between Blocto and Flow.
How to migrate your Blocto wallet to a Flow Wallet: https://core.flow.com/post/migrating-from-blocto-to-flow-wallet
If you have any questions or concerns, please take a look at the FAQ below. If you still have questions, please open a support ticket in our Discord and we will respond asap.
Early FAQ on the Blocto Announcement:
❓If I am a LENDER on a loan via a Blocto wallet and someone repays me after the deadline, will I have access to my funds?
👉YES. All NFTs and Fungible Tokens will be accessible on an ongoing basis via the Blocto app. The concern for Flowty users is that we do not believe that Blocto users will be able to connect to Flowty after the deadline. Assets are still accessible, though, and tokens can still be received by and transferred from the wallet.
❓ If I have an outstanding Flowty loan (as a borrower), can I migrate my Blocto to Flow Wallet and repay the loan even though it is now a Flow Wallet instead of a Blocto?
👉YES - the underlying wallet is the exact same. Think of Flow Wallet as a new way to manage the same wallet rather than as a new/different wallet.
❓If I choose to keep my Blocto rather than migrate to a Flow Wallet or transfer assets to another (non-Blocto) wallet, will I still be able to transfer / receive tokens in my Blocto wallet going forward?
👉YES - but you will have to use the Blocto app according to the Blocto team
❓Does the Blocto app support USDC.e (the USDC that is used on Flowty)? In other words, will I be able to transfer my USDC.e out of my Blocto wallet post Blocto updates?
👉We are working on confirming this. If USDC.e is NOT supported on Blocto’s app, users will likely have to migrate to Flow Wallet (see previous message for a guide on how to migrate) in order to access USDC.e
❓Will I be able to connect to Increment or other Flow platforms using Blocto?
👉We do not know at this point, but we would recommend that you assume that you will only be able to receive / send assets via Blocto, but not to interact with any applications on Flow (like Flowty or Increment)
❓If I have auto-repay enabled and I have sufficient funds in my wallet (Blocto or Flow Wallet), am I all set?
👉Yes, from Flowty’s perspective, the wallet and user identity are the same as before migration