crypto News FTX will provide Blockfi with a renewable loan of $ 250 million

FTX will provide Blockfi with a renewable loan of $ 250 million

FTX will provide Blockfi with a renewable loan of $ 250 million

Blockfi signed a protocol of intent with the cryptocurrency exchange of FTX regarding the receipt of a renewable credit line by $ 250 million.

Today @blockfi Signed a term sheet with @ftx_official to secure a $ 250m Revolving Credit Facility Us with Capital that Further Bolsters Our Balaet And Platform Steet And Plator.

– ZAC Prince (@blockfizac) June 21, 2022

According to the CEO of the Cryptoland Platform of Zak Prince, access to capital “will further strengthen the balance and reliability of the company”.

If necessary, Blockfi will direct resources to support all types of products.

Prince noted that the news confirms the commitment of the platform for customer service and ensure the safety of their means.

CEO Blockfi added that the agreement opens up opportunities for cooperation between companies. He promised to share more detailed information about future plans in the near future.

Analyst under the nickname Fatman called the agreement “Transaction with the Devil”.

The user under the nickname Raja saw in the agreement of the machinations of the head of FTX Sam Bankman-Fried, who “puts everyone in such a position, and then“ helps out ””.

Recall that in June the media reported that Blockfi is preparing to close a new round of financing when assessing $ 1 billion instead of the previously planned $ 5 billion.

After that, the company announced the dismissal of the fifth part of the personnel.

According to media reports, in the context of recent market turbulence, the cryptolending platform eliminated at least part of the position of the Head Fund Three Arrows Capital.

In June, Bankman-Fried said that he was making efforts to mitigate negative phenomena in the cryptocurrency market due to problems of Celsius and Three Arrows Capital.

On June 18, the Voyager Digital cryptocurrency broker said that Alameda Research provided him with a 200 million USDC and a renewable credit line for 15,000 BTC (~ $ 300 million).

Earlier, Bankman-Fried promised to spend “billions” on the purchase of shares in other companies.

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